Lulu is more focused on POD than ebooks, but this is still an interesting development for digital publishing. The News Observer is reporting:
The company behind the Lulu.com book publishing Web site has taken the first official step toward an initial public offering in Canada.
The Raleigh-based company -- founded in 2002 by CEO Bob Young, who previously co-founded Linux software giant Red Hat -- disclosed in its preliminary prospectus that it turned profitable in the latest quarter.
It enjoyed a 39 percent jump in revenue in 2008 but last year its revenue rose a modest 4 percent to $31.6 million. The company attributes the flattening revenue to the sour economy and lower spending on sales and marketing designed to boost profitability.
The company, which filed with Canadian authorities on Friday, helps authors self-publish books. It collects fees for the books it publishes and also sells services to authors. In addition, its weRead.com helps readers find new books and authors.
I'm somewhat surprised that he's taking the company public. The paperwork you have to file and the records you have to keep are a serious hassle.