Jamendo Gets MusicMatic Investment
"After months of uncertain search for a new investor, the company has finally been purchased by one of its clients," exiting Jamendo executive Patrick Haour told Hypebot back in February. "The .com website will keep on existing, but the main focus from now on is on background music licensing".
At the time, the skeleton crew left at Jamendo weren't happy that Haour had spoken out, and refused details of who the new partner might be. Finally they've announced that European music broadcasting and technology company MusicMatic is the purchaser of the portion of the company previously held by Mangrove Capital Partners. Details of the transaction were not made public.
The MusicMatic lifeline fits Haour's original description of the purchaser and seems to be a logical fit. One of MusicMatic's main products is in-store music and TV, and Jamendo provides them with ultra-low cost content. MusicMatic promises to keep Jamendo open and improving while it looks for additional investors.
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