Propellerhead Software announced today that the company is bringing on board private equity fund Verdane Capital IX (Verdane) as a new partner. Verdane will support the company's expansion in several areas around the core product Reason, the app store-model Rack Extensions and the mobile music-making platform.
Reason 9 was released in June 2016, the latest version of Propellerhead’s award-winning music production software, which helped drive record sales in 2016. The company has since released two updates for Reason supporting Ableton Live’s Link technology and further bolstered the Rack Extension platform via Reason 9.2.
Propellerhead is now focusing intensively on increasing the development team and pace, strengthening the company's position in- and outside of the music industry and further developing their mobile music-making platform.
“We have revolutionized the music industry several times and now we want to take the next step in our vision, to give even more people the opportunity to create more and better music,” says Ernst Nathorst-Böös, CEO and founder of Propellerhead. “With Verdane’s help, we will be able to reinforce our focus on developing new products for the next generation of music makers.”
Verdane will become an active owner of Propellerhead. Verdane has extensive experience from driving growth in software and e-commerce companies, and will be a valuable partner as Propellerhead picks up the pace. Ernst Nathorst-Böös will continue to lead the company.
“Propellerhead is a vital part of the ‘Swedish music wonder’ phenomenon and possesses some of the leading expertise in the world of digital music software and digital sound processing,” says Pål Malmros, Partner at Verdane Capital Advisors. “We are excited about further strengthening Propellerhead’s leadership position in the market.”
Verdane funds support companies that have high ambitions in software, consumer internet, energy and high-tech industries with flexible growth capital. The funds are distinctive in that they can invest in entire investment portfolios, parts of a portfolio as well as individual assets. Verdane Capital Advisors has 24 employees working out of offices in Helsinki, Oslo, and Stockholm. More information about Verdane is available at: www.verdanecapital.com.
Formed in 1994, Propellerhead Software is a privately owned company based in Stockholm, Sweden. Renowned for its musician-centric approach, Propellerhead has created some of the world’s most innovative music software applications, interfaces and technology standards. Musicians, producers and the media have praised Figure, Reason, ReCycle and ReBirth applications for being inspiring, great sounding and of impeccable quality. Technologies such as ReWire and the REX file format are de-facto industry standards, implemented in all major music software. Today, Propellerhead’s products are used all over the world by hundreds of thousands of professionals and enthusiasts for all kinds of music making. http://www.propellerheads.se
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