Music distributor INgrooves has acquired Sovereign Music Services to provide comprehensive royalty accounting services for its label and artist partners. The acquisition gives INgrooves' artists and labels access to royalty accounting and mechanical reporting services.
As part of the transaction, Sovereign senior executives Jennifer Cary and Steve Weatherby and their staff will join the INgrooves team.
Established in 2013, and founded by Cary and Weatherby, Sovereign Music Services clients include Ardent Records, DEL Records, Milan Entertainment, Tuff Gong Worldwide and Omnivore Recordings. The company’s proprietary royalty accounting platform includes 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.”
“INgrooves has long set the industry standard for efficiency and for embracing the rise of new technology in the music business,” said Ms. Cary. “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.”