LOS ANGELES (CelebrityAccess) — Universal Music Group announced an agreement to acquire the independent music distributor and marketing company Ingrooves.
The acquisition of Ingrooves is expected to close before the end of the current quarter and will see UMG, who has been a minority partner in Ingrooves, take full control of the company’s remaining shares.
UMG and Ingrooves have been commercial partners of one another since 2006 and UMG has been an investor in Ingrooves since 2008.
After the transaction closes, Ingrooves Chief Executive Officer Bob Roback will continue to lead the company as a standalone unit within UMG.
Since it launched in 2002, Ingrooves has provided independent labels and artists with rights management services, marketing, data analytics, and distribution.
“This acquisition by UMG represents the very best possible outcome for Ingrooves, our employees and our artist and label partners. Our mission at Ingrooves has always been to provide our clients with the very best services and maximize the value of their music. With UMG, we are gaining the resources, global reach, and technology to take those efforts to another level. I’m excited at this opportunity and I’m thankful for the support of Boyd and Sir Lucian Grainge,” said Ingrooves CEO Bob Roback.
