Business

INgrooves Acquires Sovereign Music Services to Provide Royalty Accounting

Billboard

INgrooves, one of the top indie distributors in the U.S., has acquired Sovereign Music Services in an arrangement that will provide royalty accounting and mechanical reporting services for label, publishers and artist partners. 

As part of the new deal, Sovereign senior executives Jennifer Cary and Steve Weatherby and their staff will join the INgrooves team. Financial terms were not disclosed.

“In just five short years, Jennifer and Steve have used their expertise in a complex yet essential aspect of the music industry to build one of the most nimble and efficient royalty companies in the world,” said INgrooves CEO Bob Roback in a statement. “We are thrilled to be able to immediately offer this strengthened suite of services to label and artist clients, with an eye towards enhancing our industry-leading, integrated technology platform.” 

Sovereign was launched by Cary and Weatherby and has gone on to provide services to such music companies as Ardent Records, DEL Records, Milan Entertainment, Tuff Gong Worldwide and Omnivore Recordings. Its proprietary royalty accounting platform offers clients efficient and transparent services, including downstream accounting, statements and payments, according to a statement.