INgrooves Receives Investment From Shamrock Capital
Also Extends Distribution Relationship with Universal Music Group
October 13, 2010 at 9:18 AM (PT)
INGROOVES and SHAMROCK CAPITAL GROWTH FUND II have completed a significant growth capital investment deal. Financial terms were not disclosed. This capital injection will allow INGROOVES to expand into ancillary media verticals such as eBooks and make strategic acquisitions in the digital music industry. With the closing of the SHAMROCK investment, both SHAMROCK and UMG will be minority shareholders in the Company.
In addition, INGROOVES also announced that it has extended the term of its distribution agreement with UNIVERSAL MUSIC GROUP (UMG), for the the digital delivery of UMG’s NORTH AMERICAN catalog to online and mobile retailers within that territory.
"Our new partnership with SHAMROCK will give us the financial flexibility to increase the functionality of the ONE Digital platform and make strategic acquisitions to expand our global footprint," said Founder/CEO ROBB MCDANIELS. "Moreover, we are honored by UMG’s continued validation of, and belief in, the ONE Digital platform. UMG’s knowledge and repertoire make us a better company and we are thrilled that our overall relationship has continued to flourish."