Readmill has been acquired by Dropbox and is now in the process of closing its reading platform. In a blog post, the Berlin-based startup said it was joining Dropbox to work on “new ways to read together”, suggesting that its original vision would still be the focus of its work.

Readmill as we know it is closing though. Users can no longer create a new account and the Readmill apps will no longer be available from July 1, 2014. The company said it had “failed” to create a sustainable solution for reading and apologized for being unable to solve the many challenges surrounding ebooks.

With Readmill, book-worms could consume their favorite ebooks and then share extracts with friends and followers. Highlights could be shared to external social networks too, but much of its appeal was arguably in its own homegrown community. “We considered every option before making the difficult decision to end the product that brought us together,” it said.

TechCrunch first reported the ‘acqui-hire’ deal yesterday. It was reportedly valued at around $8 million, although that is yet to be confirmed.

“At every turn, your feedback shaped Readmill’s development, and your passion signaled a new chapter for reading,” the startup added on its blog. “Together we wrote in the margins of ebooks and discussed our favorite passages from across the world. Thank you for helping to bring this reality into view.”

Image Credit: DANIEL MIHAILESCU/AFP/Getty Images