INgrooves Music Group has acquired US-based royalty accounting firm Sovereign Music Services.
The acquisition gives INgrooves’ labels and artist partners access to royalty accounting and mechanical reporting services.
As part of the deal, Sovereign founders Jennifer Cary and Steve Weatherby and their staff will join the INgrooves team.
“Jennifer and Steve have used their expertise in a complex yet essential aspect of the music industry to build one of the most nimble and efficient royalty companies in the world.”
Bob Roback, ingrooves
“In just five short years, Jennifer and Steve have used their expertise in a complex yet essential aspect of the music industry to build one of the most nimble and efficient royalty companies in the world,” said INgrooves CEO Bob Roback.
“We are thrilled to be able to immediately offer this strengthened suite of services to label and artist clients, with an eye towards enhancing our industry-leading, integrated technology platform.”
Cary added: “INgrooves has long set the industry standard for efficiency and for embracing the rise of new technology in the music business.
“we feel that moving our enterprise over to INgrooves is a huge win for our team and our clients.”
jennifer cary, sovereign music services
“So naturally, we feel that moving our enterprise over to INgrooves is a huge win for our team and our clients.
“Our plan is to continue to develop greater efficiencies and new products within our area of expertise, and we are very eager to begin work with the global INgrooves team.”
Established in 2013, Sovereign’s proprietary royalty accounting platform offers services including downstream accounting, statements and payments.
Amongst the companies it works with are Ardent Records, DEL Records, Milan Entertainment, Tuff Gong Worldwide and Omnivore Recordings. Music Business Worldwide
