Lulu plans to go public

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 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 helps readers find new books and authors.

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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.

About Nate Hoffelder (11214 Articles)
Nate Hoffelder is the founder and editor of The Digital Reader:"I've been into reading ebooks since forever, but I only got my first ereader in July 2007. Everything quickly spiraled out of control from there. Before I started this blog in January 2010 I covered ebooks, ebook readers, and digital publishing for about 2 years as a part of MobileRead Forums. It's a great community, and being a member is a joy. But I thought I could make something out of how I covered the news for MobileRead, so I started this blog."

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