updated 04:02 pm EDT, Fri March 28, 2014
Deal worth $8 million moves founders, employees to Dropbox
Online storage provider Dropbox has purchased social reading app developer Readmill. The deal, suspected to be worth around $8 million, will see the shuttering of the Readmill app, with the team responsible for coding and development moving to assist Dropbox with its core service.
Readmill notes on a post announcing the closure and purchase that "many challenges in the world of ebooks remain unsolved, and we failed to create a sustainable platform for reading. For this, we're deeply sorry."
New accounts can no longer be created on the Readmill service. On July 1, the app will no longer be available. The company is providing assistance with migrating owned content out of Readmill, including reading journal data export, and DRM migration for Adobe-protected content.