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INgrooves announce new investment, extended Universal deal
By CMU Editorial | Published on Wednesday 13 October 2010
Digital distributor INgrooves has announced it has received a new investment from Shamrock Capital Growth, which isn’t an Irish metal band but an equity firm that specialises in media and entertainment investments. The specifics of the investment are not known, but INgrooves says it will use the capital injection to expand into new areas like eBook distribution and to make some strategic acquisitions in the digital music sector.
INgrooves has also extended the term of its distribution agreement with Universal Music, another investor in the digital firm. The extended deal relates to the major’s use of INgroove’s ONE Digital distribution platform.
INgrooves top man Robb McDaniels told CMU: “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. Moreover, we are honoured 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”.
