Teosto to sell its shares in Mind Your Rights
Teosto will sell its shares in the Finnish startup company Mind Your Rights Oy that it established to NK Digital Solutions GmbH, a German IT company. Teosto will continue as Mind Your Rights Oy’s customer.
Mind Your Rights was established by Teosto in 2017 to develop a global live music copyright licensing platform. This transfer of ownership completely outside Teosto will further increase the opportunities to expand the operations of the company into international markets.
Mind Your Rights was established in 2017 to develop the Concertify platform for faster and simpler tracing of live music copyright data. The service brings benefits to live music event organisers through easier reporting and music authors through faster receipt of payments. The development of the platform was launched in Teosto, but the operations were spun off into a new company in 2017.
In this transaction, Teosto will sell its shares in Mind Your Rights Oy (48.65%) to the company’s majority shareholder NK Digital Solutions GmbH, which will own 100% of the company after the transaction. NK Digital Solutions has already acquired the majority stake in Mind Your Rights in August of last year.
NK Digital Solutions is a consortium specialised in digital solutions for the platform economy. Mind Your Rights has collaborated with NK Digital Solutions on solutions development for a long time.
Teosto, which represents approximately 33,000 Finnish composers, lyricists, arrangers and music publishers, will continue as the company’s customer in different development projects. The value of the transaction is not published.
“We will strongly concentrate on our core business and streamline our basic processes according to our strategy. The decline in turnover caused by the coronavirus further highlights the significance of this focus. We are pleased that the new owner will develop the Concertify platform intensively and we can continue as a customer of Mind Your Rights,” says Risto Salminen, CEO of Teosto.