netLibrary, who once claimed to offer \”the only comprehensive approach to eBooks that integrates with the time-honored missions and methods of libraries and librarians\”, is up for sale:
Boulder technology firm netLibrary . . . [failed] to raise needed funds in an extremely tough investment environment.
The 230 employees, who were paid through Friday, were told Friday that they are welcome to return on Monday to help the company through its transition, but at in many cases a drastically cut pay rate. Each employee from receptionist to president will be paid $360 a week, roughly the equivalent of unemployment benefits . . .
NetLibrary was founded in 1998. The company had employed about 400 at its peak and had in raised $109.8 million in venture backing from Houghton Mifflin, McGraw-Hill, Liberty Digital and others.
More from the The Daily Camera, with thanks to Gary Price.
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