Storytel acquired Gummerus Kustannus Oy, Finland’s third-largest book publishing house.

Storytel AB, a Stockholm, Sweden-based provider of audiobook and e-book streaming service, announced the acquisition of Helsinki, Finland-based Gummerus Kustannus Oy, the local third-largest book publishing house

The acquisition, which has the financial details undisclosed, provides Storytel a better position both as a distributor and a publisher on the Finnish book and streaming market.

Gummerus Kustannus will continue to operate independently within Storytel under the leadership of the current Managing Director Anna Baijars, who will continue the company’s work of developing new and existing authorships.

Gummerus Kustannus, founded in 1872 and led by CEO Anna Baijars, is a family-owned publishing house operating a total yearly production of approximately 200 domestic and translated titles, mainly fiction and non-fiction, and a slew of success stories such as Minna Rytisalo, Selja Ahava, Pauliina Rauhala, Matti Rönkä, Sisko Savonlahti, Camilla Grebe, Jojo Moyes, Clare Mackintosh and Jussi Adler-Olsen.

Gummerus Kustannus Oy had a turnover of approximately EUR 7.6 Million ($8.4M) in 2018 and made a profit after financial items of approximately EUR 300k

Storytel, led by CEO Jonas Tellander, is one of the world’s leading audiobook and e-book streaming services and offers unlimited listening and reading of more than 300 000 titles on a global scale.