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Monday, November 07, 2005

Wow... Abebooks Acquires Bookfinder.com

Official Press Release

(Victoria, BC – November 7, 2005) Abebooks.com, the world’s largest online marketplace for new and used books, has acquired BookFinder.com - the leading price comparison shopping service dedicated to books.

The acquisition unites two pioneering independent forces in Internet bookselling. Both companies are privately owned and profitable. Both companies were initially developed in 1996, support independent booksellers and share the same mission of making online book buying easy.

BookFinder.com lets buyers search through over 100 million new, used, rare, and out-of-print books for sale from thousands of booksellers. Partners include A1Books, Abebooks, Alibris, Amazon.com and its global network of sites, Barnes & Noble.com, Biblio.com, Buy.com, Chapters.indigo.ca, ILAB (International League of Antiquarian Booksellers), Overstock.com and Powell’s Books.

Berkeley-based BookFinder.com and its staff will join the Abebooks family but operate independently, remain unchanged and continue to be located in California. BookFinder.com will receive immediate access to Abebooks’ resources to fuel growth.

“Our goal is to help booklovers find and buy any book from any bookseller anywhere, so the acquisition of BookFinder.com makes perfect sense,” said Hannes Blum, Abebooks president and CEO. “Like us, BookFinder.com is dedicated to books and makes finding them simple. Part of the site’s success can be attributed to its integrity and we are committed to maintaining BookFinder.com’s unbiased independence. Our focus will be to continue the BookFinder.com success story.”

Anirvan Chatterjee, CEO and co-founder of BookFinder.com, said: “This is an exciting opportunity for BookFinder.com to develop and grow. With access to Abebooks’ skills, resources and funding, we will be able to expand and help many more book-buyers find and buy books. We have known Abebooks for eight years and always enjoyed an excellent relationship, so we are looking forward to working with the Abebooks team.”

BookFinder.com was founded by Chatterjee, a then-University of California, Berkeley undergraduate, and Charlie Hsu, an undergraduate from the University of California, Davis. It generates revenue by receiving a commission from purchases that result from a buyer being forwarded to a bookseller’s website. Hundreds of thousands of book searches are conducted daily.

The acquisition comes with online retailing enjoying unprecedented growth in used books. In September, the Book Industry Study Group’s report revealed the used book business was worth $2.2 billion in sales last year with ecommerce sales enjoying growth of 38% from 2003 to 2004.