US entertainment group Made In Memphis has snapped up the assets of UK online music platform Beatroot Music.
Beatroot, which specialised in metadata and helped labels and publishers manage their digital catalogue, ceased trading in December 2017, after failing to secure enough customers to make the business sustainable. Its website listed the likes of Warner Music, PIAS and Domino as clients.
Now, Made In Memphis – a music studio, record label and publishing platform founded by legendary songwriter and producer David Porter – has paid an undisclosed sum for the brand and intellectual property. Beatroot’s lead software engineer Ancor Cruz has joined Made In Memphis following the deal.
Tony Alexander (pictured), president and managing director of Made In Memphis Entertainment, said the acquisition would further MIM’s objective of “building the premier platform for digital distribution, music publishing, label services and rights management for independent artists and labels”.
“We are committed to our technology strategy and plan to continue to make strategic investments going forward,” he added. “Beatroot will serve as an integral piece of our strategy and, to that end, we are pleased that our vision for the future was instrumental in convincing the lead developer to turn down attractive offers in order to join our team and build on the wonderful work that was already completed prior to our acquisition of these assets.”
The sale was overseen by liquidator Steven Wiseglass of insolvency practice Inquesta.
“We received four offers for the assets and are pleased to secure their sale to Made In Memphis Entertainment,” said Wiseglass. “The outcome will ensure a return for creditors on their claims.
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