3M invests in German e-reader technology firm
- May 31, 2011 - 8:45 PM
3M Co. has invested in Txtr GmbH, an e-reader technology company based in Berlin. Terms of the investment by 3M's new ventures and electro & communications business segments were not disclosed.
The Maplewood-based company said it has identified many business opportunities in e-reading as demand for mobile access to documents and books continues to grow.
Christophe Maire, Txtr CEO, said he believes the digital books market will be much bigger than currently envisioned. "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," Maire said.
Founded in 2008, Txtr markets its technology to mobile operators, device manufacturers, content or media companies and retailers in Europe, Asia and South America. Recent Txtr achievements include the development of mobile reading applications for the iPhone and Android for a range of e-book retailers and wholesalers.
The company employs about 60 people.
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