Music rights organization SESAC revealed that is has acquired the music publishing digital rights reproduction collection agency Audiam from its previous owners, the Canadian PRO, SOCAN.
The financial terms of the acquisition were not disclosed, but following the closing of the deal, SOCAN will retain a minority stake in Audiam.
Following the acquisition, veteran music publisher Jamie Purpora will continue in his leadership role at Audiam.
Through the acquisition, SESAC will also bring Audiam’s claiming, income tracking and reporting technology and services in-house, expanding the company’s service offerings for songwriters, composers and music publishers.
SOCAN first moved into mechanical rights in 2016 with the purchase of the U.S.-based Audiam, starting with YouTube monetization before moving into the lucrative field of digital reproduction rights.
“SESAC is acquiring Audiam with the intention of supporting the existing management team, and to act as a supportive strategic partner and capital provider. We anticipate a seamless transition in ownership with no disruption to the Audiam business activities as a result of this transaction. Going forward, we believe this will position SESAC well for enhanced growth of our multi-rights, multi-territory global rights management business and continued delivery of best-in-class service to our affiliates, licensees and commercial partners,” said SESAC Chairman and CEO John Josephson.
“SOCAN is delighted to complete this agreement with SESAC. Since our acquisition of Audiam in 2016, the organization has exceeded expectations, but the time is right for Audiam to continue its next phase with a new parent organization. We look forward to seeing this new chapter for Audiam as the organization benefits from new synergy with SESAC,” added SOCAN CEO Jennifer Brown.