Thanks for posting that. I should have looked for it. They make it pretty clear that they're tracking user activity just like so many other companies do.
Quote:
We collect Personal Information when you use or otherwise interact with the Kobo Services. For example, we collect information about how you use the Kobo Services, such as pages you view, the rate at which you consume e-content (how often and for how long), genres, authors or subject matter you prefer and searches you make or share, the ebooks or audiobooks you have liked, comments you have left and also websites you have viewed through links in the comments. We collect this information across the various devices, applications, and other tools via which you access and interact with the Kobo Services.
...We may disclose certain Personal Information with service providers, business partners or affiliates, or by selling it to third parties where such sales are compliant with applicable law. As used in this Policy, the “sale” of Personal Information refers to sharing your Personal Information with a third party for monetary or other valuable consideration, subject to any exceptions under applicable law.
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