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INgrooves receives investment from Shamrock Capital Growth Fund II

INgrooves, a provider of digital distribution, marketing and promotion services to the audio, video and publishing communities, has received growth capital investment from Shamrock Capital Growth Fund II, a private equity fund focused on media, entertainment and communications investing. 

Financial terms were not disclosed.

This capital injection will allow INgrooves to expand into ancillary media verticals such as eBooks and make acquisitions in the digital music industry. 

With the closing of the Shamrock investment, both Shamrock and Universal Music Group will be minority shareholders in the company.

INgrooves has extended the term of its distribution agreement with Universal Music Group for the digital delivery of UMG’s North American catalogue to online and mobile retailers within that territory.

"Our new partnership with Shamrock will give us the financial flexibility to increase the functionality of the One Digital platform and make strategic acquisitions to expand our global footprint," says Robb McDaniels, founder and chief executive of INgrooves. "Moreover, we are honoured by UMG’s continued validation of, and belief in, the One Digital platform. UMG’s knowledge and repertoire make us a better company and we are thrilled that our overall relationship has continued to flourish."

"As more content is consumed digitally, INgrooves solves a critical need for content owners to market, promote and manage the distribution of their content economically and efficiently," says Michael LaSalle, vice president at Shamrock. "We believe that INgrooves has a strong management team, best-in-class technology and world-class client base.  We are excited to partner with the INgrooves team to expand their footprint in music, publishing and video."

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