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A Singapore-based tech firm referred to as FENIX360 has entered right into a deal to be acquired by US-based clean examine firm DUET Acquisition Corp.
Described as “an artist-centric, multi-genre social media platform”, FENIX360’s cope with DUET, anticipated to be accomplished within the first half of 2024, will see it change into a public firm on the NASDAQ.
In line with the announcement, the transaction values FENIX360 at $610 million.
Members of FENIX360’s management crew have held senior positions within the music trade, for instance Sandy Monteiro (CEO Asia), a former Head of New Enterprise, APAC for Universal Music Group.
The corporate’s CEO, in the meantime, is Allan Klepfisz, an exec we wrote about again in 2015 for launching a free Spotify rival referred to as QTRAX Music that was providing artists a 30% stake in its firm on the time.
Klepfisz can also be behind the FENIX platform, which the corporate says “has been created to assist unbiased artists and creatives monetize their artwork way more lucratively”.
In line with the FENIX360 website, the platform is “designed to offer unbiased artists a good go within the music and different artwork industries by offering a platform that permits them to entry new followers globally, whereas incomes extra earnings doing so”.
The corporate says that its FENIX360 platform lets artists “build a custom-made distinctive app in minutes”.
Utilizing that app, artists can then monetize their fanbase by way of promoting, livestreaming and market options. They will additionally handle all their different social media from inside the FENIX360 platform.
DUET, the clean examine firm merging with FENIX360, says that it was shaped to accumulate a number of companies and belongings, by way of a merger, capital inventory alternate, asset acquisition, inventory buy, and reorganization.
The corporate says it was shaped to impact a enterprise mixture particularly with “center market ‘enabling know-how’ companies or belongings with a deal with eCommerce, FinTech, Large Information & Analytics and Robotic Course of Automation”.
DUET is led by Co-CEO Dharmendra Magasvaran, who the corporate says has deep expertise within the media and leisure trade in addition to the consulting, digital and know-how domains.
SPAC mergers had been large information within the music enterprise in 2021 and 2022.
In February 2021, Anghami listed on the NASDAQ by way of a merger with Vistas Media Acquisition Firm, a publicly-traded particular objective acquisition firm (SPAC).
In July 2021, Reservoir Media grew to become a public firm, itemizing on the Nasdaq within the US under the ticker RSVR after closing its business combination with Roth CH Acquisition II Co. (ROCC)/.
In July 2022, Spotify rival Deezer made its official inventory market debut on the Euronext Paris after combining its business with a Particular Function Acquisition Firm referred to as I2PO.
Voice recognition firm SoundHound listed on the NASDAQ in 2022 following its merger with Archimedes Tech SPAC Companions Co., in a deal that originally valued the company at $2.1 billion.
Not all music-focused SPACs have efficiently accomplished a enterprise mixture, howwever.
For instance, Edgar Bronfman Jr launched a $200 million IPO for a SPAC in August 2021 trying to “purchase a high-caliber firm within the media, leisure and know-how area”. That SPAC, Waverley Capital Acquisition Corp 1, quietly wound down in August, based on paperwork shared with its traders and reviewed by MBW.
Meanwhile, Liberty Media Acquisition Company (LMAC), a particular objective acquisition firm launched by media large Liberty Media two years in the past, unwound on the finish of final 12 months following a shareholder vote approving the transfer. That was as a result of LMAC didn’t merge with a possible goal after going public on the Nasdaq Inventory Change in January 2021. The corporate raised $575 million on the time.
Elsewhere, a SPAC launched by long-time Geffen Information President Neil Jacobson, The Music Acquisition Company (TMAC), floated on the New York Inventory Change in February 2021 under the ticker symbol TMAC.U, elevating $230 million within the course of. TMAC.U then delisted from the New York Stock Exchange final December, following a shareholder vote to liquidate, with the corporate having did not discover a enterprise to merge with.
“The distinctive worth proposition of FENIX360 as a hyper-agile and asset-light engagement platform with profitable rewards for artists and followers alike supplies each FENIX360 and DUET an unparalleled alternative to reshape the inventive and media area.”
Dharmendra Magasvaran, DUET
Dharmendra Magasvaran, Co-Chief Govt Officer of DUET mentioned: “The distinctive worth proposition of FENIX360 as a hyper-agile and asset-light engagement platform with profitable rewards for artists and followers alike supplies each FENIX360 and DUET an unparalleled alternative to reshape the inventive and media area.
“Tapping into the substantial digital promoting and digital commerce ecosystem will bolster FENIX360’s income technology talents.”
“Within the coming months, as we activate artists and followers in every market and ship vastly enhanced earnings for artists and a way more participating platform for followers, we wish to imagine that we are going to change into unstoppable.”
Allan Klepfisz
FENIX360’s Chief Govt Officer, Allan Klepfisz, mentioned: “We’re very happy that this transaction and the ensuing deliberate NASDAQ itemizing of FENIX360 ought to permit us to speed up our world ambitions.
“Within the coming months, as we activate artists and followers in every market and ship vastly enhanced earnings for artists and a way more participating platform for followers, we wish to imagine that we are going to change into unstoppable.”
Music Enterprise Worldwide
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