US music discovery startup Rexly Inc said in a blog post it had been taken over by Live Nation Labs, part of Live Nation Entertainment Inc (NYSE:LYV), for an undisclosed amount.
Under the agreement, Rexly will open an office in San Fransisco for Live Nation Labs to concentrate mainly on mobile. The company added that its iOS app, which is designed for music sharing, will remain available and that it will continue to develop it.
The parties’ decision for the acquisition was prompted by their similar values and vision and their commitment to the music tech community, the target company said. The latter added that it has commenced a recruitment campaign, looking for iOS developers, front-end developers and mobile designers.
In December 2011, Live Nation Entertainment said it had taken over BigChampagne Media Measurement, a developer of technologies for collecting, analyzing and distributing media metrics. Three months later, the company formed its LN Labs Fund, a vehicle for strategic investment, partnership and mentoring of early stage technologies and entrepreneurs.
Live Nation Entertainment, a live entertainment and eCommerce company, consists of four market companies, namely Ticketmaster.com, Live Nation Concerts, Front Line Management Group and Live Nation Network.