Akademos, Inc. will expand its online book operations center in Norwalk, Connecticut
, with plans to build new software services that lower the costs of textbooks and other educational material to students and faculty at hundreds of educational institutions across the country.
The firm’s expansion will be assisted by grants and loans from the state’s Department of Economic and Community Development. DECD will provide a $100,000 grant and 10-year $300,000 loan at two percent interest to support the company’s Norwalk expansion.
“This funding will allow us to expand faculty awareness and student access to lower-cost educational materials as well as enable us to continue to develop and introduce new textbook delivery options,” said John Squires, CEO of Akademos.
“Supporting companies like Akademos is an important part of our overall strategy to grow jobs and accelerate our economy,” said Gov. Dannell P. Malloy. “Small businesses make up well over 90 percent of Connecticut employers, so ensuring they are able to compete in a global marketplace is critical. Partnerships between state government and the private sector allow businesses and industry to grow, and most importantly, hire more staff.”
“Over the past two and half years, with programs like Small Business Express and the Manufacturing Assistance Act, we’ve assisted more than 800 small businesses,” said DECD Commissioner Catherine Smith. “This kind of support is essential because helping small and midsized businesses grow will be the key to turning around the state’s decades-long lackluster performance in job creation.”