Stingray Digital Group Inc. (TSX: RAY.A; RAY.B), a portfolio company of Telesystem Limited and a leading business-to-business multiplatform music provider, has acquired Israel-based Yokee Music LTD. Financial terms were not disclosed.
Founded in 2013 by Gil Selka and Ariel Yaloz, Yokee Music is a provider of three social music apps regularly ranked in the music category’s top 10 in 100 countries: Yokee, Yokee Guitar, and Yokee Piano. Together, the apps have reached over 80 million downloads in four years and count 4 million monthly users, with over 50% year-over-year growth.
Yokee Music’s team of 18 consists of musicians, engineers, and product managers specializing in mobile app development.
With the acquisition of Yokee Music, Stingray will benefit from a proven mobile app development and optimization expertise, grow its portfolio of consumer-facing products, and connect with younger music fans around the globe.
Yokee, Yokee Music’s flagship karaoke app, allows users to creatively express themselves and share their love of music with family and friends. Yokee complements Stingray’s existing karaoke services, Stingray Karaoke and The KARAOKE Channel, thus opening the door to powerful content synergy opportunities and growth for the karaoke product line.
Stingray will fully own and operate Yokee Music with the continued direction of the company’s current leadership.
“Stingray and Yokee Music have been long-time friends and partners with a shared passion for connecting people through music,” said Eric Boyko, President, Co-founder and CEO of Stingray. “I could not be more pleased to officially welcome the Yokee Music team to the Stingray family. This acquisition is highly complementary to our business and significantly expands our reach in the B2C mobile app market.”
“Yokee Music has been a labour of love in which we poured all our expertise, passion, and energy over the past years,” said Ariel Yaloz, Co-founder of Yokee Music. “Joining forces with Stingray is a natural extension of the growth strategy we have been pursuing since our launch and will provide us with exciting opportunities as part of a larger, more diversified company. Working together, I am confident that will foster even greater success and innovation in the mobile app market.”
Stingray Digital Group is controlled by Eric Boyko (54.6% voting) and backed by Telesystem (30.2% voting).
photo credit: Stingray