Amazon has just announced that they are acquiring Goodreads, “the world’s largest site for readers and book recommendations.” Good reads launched in 2007 and since then has built up a user base of 16 million members, who have added 525 million books and 23 million reviews.

The terms of the acquisition were not disclosed, and it is expected to be closed in Q2 of this year.

“Amazon and Goodreads share a passion for reinventing reading,” said Russ Grandinetti, Amazon Vice President, Kindle Content. “Goodreads has helped change how we discover and discuss books and, with Kindle, Amazon has helped expand reading around the world. In addition, both Amazon and Goodreads have helped thousands of authors reach a wider audience and make a better living at their craft. Together we intend to build many new ways to delight readers and authors alike.”

Over on the Goodreads blog, founder Otis Chandler says that he’s excited about the reach and resources that Amazon can provide. And the partnership means that Goodreads can finally launch on an ereader. Chandler says that that was one of the things that Goodreads users asked for the most, and they are going to make it on of their top priorities.

He says that Goodreads will continue to function as usual. Their headquarters will remains in San francisco.

“It’s important to be clear that Goodreads and the awesome team behind it are not going away. Goodreads will continue to be the wonderful community that we all cherish. We plan to continue offering you everything that you love about the site—the ability to track what you read, discover great books, discuss and share them with fellow book lovers, and connect directly with your favorite authors—and your reviews and ratings will remain here on Goodreads. And it’s incredibly important to us that we remain a home for all types of readers, no matter if you read on paper, audio, digitally, from scrolls, or even stone tablets.”