OverDrive distributes one of the world's largest catalogs of e-books, audiobooks and multimedia, with more than 500,000 premium copyrighted titles. Founded in 1986, OverDrive has built a reputation for hosted solutions of digital media, and has gained partnerships with major publishers like Random House, HarperCollins, Penguin, Hachette and McGraw-Hill.

The Cleveland-based company is poised for even more dramatic growth thanks to a major investment from Insight Venture Partners of New York City. Subject to regulatory approval, the investment will provide additional resources and capital to expand OverDrive's presence in the United States and abroad.

Larry Handen, managing director of Insight Venture Partners, noted that its investment announcement coincided with OverDrive's 20th consecutive quarter of profitability.

"Insight values OverDrive's partnerships with leading libraries, educators, publishers and authors," says OverDrive founder and CEO, Steve Potash. OverDrive currently reaches out to 11,000 retailers, libraries, schools and other digital channels around the globe.