PE-backed TouchTunes acquires Soundnet

TouchTunes Interactive Networks, which is backed by 3i Group plc, has acquired Soundnet. No financial terms were disclosed. Headquartered in London, Soundnet is a provider of music and video content to bars, clubs and other venues.

PRESS RELEASE

TouchTunes Interactive Networks, the largest in-venue interactive entertainment network in North America, is pleased to announce that it has completed the acquisition of Soundnet, one of Europe’s leading suppliers of audio and visual content to bars, clubs and other venues. The terms of the deal are undisclosed.
Soundnet operates throughout the UK and Europe and since 2000 has been providing audio and video content to digital jukeboxes and background music services in venues across the region. Earlier this year, the company extended its exclusive UK jukebox agreement with the Official Charts Company to supply its digital jukeboxes with the Official Singles Chart. Soundnet also recently launched the soundjack mobile app, that allows consumers to select and play songs from a smartphone. This acquisition marks TouchTunes’ entry into the European market.
Soundnet will continue to work exclusively with Sound Leisure in the UK supporting and growing the business together. With the continued success of the VHUB jukebox and the news that it is now the best selling jukebox in the UK Soundnet is looking forward to the future.
The acquisition complements TouchTunes’ current business and adds a further 13,000 jukebox sites in Europe to TouchTunes’ existing 60,000 bars, clubs and restaurants across North America. The transaction is the first of a number of expected expansion initiatives as TouchTunes continues to develop and grow its product base and geographic reach.
Charles Goldstuck, President and Chief Executive Officer of TouchTunes said: “I am delighted at the prospect of working with Simon Davis and his talented team at Soundnet. Our expansion into Europe is a priority for TouchTunes, and our coming together with Soundnet is the beginning of that strategy”.
lan ewham, European Managing Director of TouchTunes said: “Recent improvements in the state of the jukebox market in the UK make this an opportune time for TouchTunes to expand into this important market. This acquisition helps lay the foundations for TouchTunes’ growth strategy across Europe”.
Simon Davis, MD of Soundnet said: ”I am delighted to have signed this deal with TouchTunes. It has always been my ambition to work with the global market leaders and I look forward to the new challenges and much success”.
About TouchTunes Interactive Networks:
TouchTunes is the largest in-venue interactive music and entertainment platform, featured in over 60,000 bars and restaurants across North America.
Since TouchTunes introduced the world’s first digital downloading, pay-per-play jukebox, the company has transformed into a multi-application platform offering a variety of engaging and interactive experiences any location can access. Music is core to the TouchTunes experience and the latest smart jukebox allows the interface to learn from the music most played in a location and adapt over time to highlight the songs, artists and search results that are most relevant. TouchTunes’ leading mobile app lets users find nearby jukebox locations and control their in-venue music experience from their smartphones. Since launch, the app has been downloaded over 2.5 million times. Also available on the jukebox is an integrated photo booth solution and a first fully licensed in venue karaoke system. In 2014, TouchTunes is now extending its platform with Tanjarine, a revolutionary integrated dining and entertainment experience that allows guests to place orders, play games and music, and pay their bill, all from portable tablets made available at their table.
TouchTunes is headquartered in New York City, with offices in Chicago, IL, Mountain View, CA and Montreal, Quebec.
About Soundnet:
Since its creation in 2000, Soundnet has built a solid reputation as one of Europe’s leading suppliers of audio and visual content to bars, clubs and other venues, specialising in bespoke music and video compilations that capture a brand’s unique personality. Over 13,000 sites already benefit from Soundnet’s jukebox music service with a further 3,000 locations enjoying Soundnet’s background music services; clients include Arcadia Group, Virgin Megastores (France), Mitchells & Butlers, Greene King and Marston’s. Whether we’re working with individual pub landlords or national retail chains we’re passionate about providing state-of-the-art packages, tailor-made to maximise the potential of their businesses. Headquartered in London, Soundnet is made up of experts from across the music, retail and technology industries; with decades of combined knowledge we use the latest technology to create the perfect atmosphere and experience.

 

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