U.S.-based online royalty processing specialist RoyaltyShare is extending its European business through the acquisition of Musicalc, a U.K.-based provider of royalty accounting software for the industry.

The acquisition of Musicalc, which boasts a portfolio of more than 100 customers throughout Europe and the United States, was unveiled today at the London Calling conference. Terms were not disclosed.

The deal is clearly "a major milestone" for RoyaltyShare, the company's chairman/CEO Bob Kohn tells Billboard.biz, "as it accelerates our expansions into Europe and adds valuable technology infrastructure to support music publishers and music publishing administrators."

Musicalc was established in 1982 to develop and market PC-based software for independent record labels and music publishing companies. Its customers include U.K.-based labels the Beggars Group, Skint/Loaded and Cherry Red, and publishers clients include Reverb Music (U.K.), Zumsteg & Partner (Switzerland), Minder Music (U.K.), Misty Music (Scandinavia), and 1630 Publishing (U.S.).

Going forward, the Musicalc software will maintain its branding, Kohn says, adding "we are absolutely committed to supporting Musicalc customers who will continue as before to work with the Musicalc team."

Musicalc managing director Chris Palmer and marketing director Asa Palmer will both join RoyaltyShare and form the cornerstone of its European business. The executives become RoyaltyShare director of product management for Europe, and director of client services for Europe/GM of Musicalc, respectively.

"The addition of Musicalc to our Web-based suite of services together with our recent acquisition of IDEA," notes Kohn, "provides us with an end-to-end back-office solution for managing the digital sales process for record labels, music publishers and music publishing administrators."

RoyaltyShare will maintain the current Musicalc offices in Surrey, south England. The firm is planning to open a London-based office to house the combined operations.

RoyaltyShare recently secured a $5 million Series B round of financing, which it would use to expand its operations with regional offices to open in New York, Los Angeles and Europe later in the year.