INgrooves has acquired Sovereign Music Services in a deal that will provide comprehensive royalty accounting services and mechanical reporting for label, publishing and artist partners.
The independent music distribution and marketing services company’s acquisition of Sovereign will also include its senior executives, Jennifer Cary and Steve Weatherby, and their staff.
The company was founded in 2013 by Cary and Weatherby and provides services to Ardent Records, DEL Records, Milan Entertainment, Tuff Gong Worldwide and Omnivore Recordings, among others. The company’s proprietary royalty accounting platform offers clients efficient and transparent services, including downstream accounting, statements and payments.
“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. We are excited to welcome the Sovereign team to INgrooves.”
Cary added: “INgrooves has long set the industry standard for efficiency and for embracing the rise of new technology in the music business. 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.”