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Digital music startup 7digital has big news all over the place today — new partnerships, new money ($1.6 million), and a reverse takeover with a major British media group.
Let’s tackle that last bit first: A reverse takeover is an M&A deal between a public company and a private company that lets the private company bypass the IPO hoopla but still become publicly traded.
In these deals, the private company takes over the public company, which makes sense as 7digital’s revenue is significantly higher than that of UBC Media Group. UBC is both the source of the new funding and the public company in the reverse takeover.
UBC provides content for BBC as well as commercial radio stations in Great Britain and around the world. The company is publicly traded on the London Stock Exchange with stock currently priced at £6.25.
As for the new partnerships, 7digital is announcing that its tech powers British entertainment company HMV’s digital music services.
Stateside, 7digital unveiled a music streaming service in the U.S. for Pure, a Sonos competitor.
“Our platform and partnership roster has been growing steadily over time and we see continued interest in music globally, across online radio, subscription streaming, and downloads,” said 7digital CEO Ben Drury in an emailed statement on the news.
“We will continue to develop and scale the platform and to innovate with new products and features. Radio, in particular, is an area where we see a lot of future opportunities, and we are thrilled that our new strategic investor and partner, UBC, shares this vision.”
The UBC reverse takeover is expected to close by April 30, 3014.
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