3M Invests in eReading Technology Company txtr

3M, through its 3M New Ventures and 3M Electro & Communications Business, has invested in txtr GmbH, an innovative company in eReading technology based in Berlin, Germany. Terms of the transaction were not disclosed.

eReading business opportunities are growing in importance for 3M. People’s lives are becoming more centered every day on being connected at home, in the office or on the move. They expect to have mobile access to documents and books wherever they are. 3M has identified many innovation opportunities for vertical markets such as the educational sector, the library business and the automotive industry. txtr offers high innovation speed, advanced mobile applications and a leading eReading infrastructure.

The investment supports 3M’s innovation strategy, not just from a strategic point of view but also with concrete business opportunities.

“This strategic investment will bring innovative new-to-3M technology and business opportunities that will create high growth potential for a variety of 3M divisions, Stefan Gabriel, president, 3M New Ventures said. “We will be able to use txtr’s eReading cloud services to accelerate commercialization of innovative solutions for our customers.”

Voyl Divljakovic, vice president, 3M Electronic Solutions Division said, “We are excited to work with a company like txtr. Its management shows excellence in keeping ahead of the dynamic eReading market by providing superior software technology to its customers. txtr’s eReading and mobile software application experience complements 3M’s material science expertise in driving our growth strategy.”

“The considerable investment in txtr demonstrates that 3M has recognized the growing importance of the eReading market,” adds Christophe Maire, CEO, txtr. “The eReading market, digital books, will be much bigger than currently envisioned by many people. The expectation is that by 2014, 5 percent of the $90 billion publishing market will be digital. txtr expects this to be closer to 30 percent. We provide a white label solution to 3M, which will allow them to open up new vertical markets.”

Recent achievements of txtr include the realization of the mobile reading apps for the iPhone and Android for a range of leading eBook retailers and wholesalers such as Koch, Neff & Volckmar GmbH (KNV), bol.com, SKK and others. The aim of txtr is to build the largest network for eBooks distribution worldwide.