German NK Digital Solutions acquires majority stake in Teosto startup Mind Your Rights30.08.2019
The contract was signed by CEO's Robin Parr (NK Digital Solutions), Risto Salminen (Teosto), Roope Pajasmaa (Mind Your Rights) and Florian Wanner (Kite Consulting).
NK Digital Solutions GmbH, a German IT company, has acquired a majority of the shares of the Finnish startup company Mind Your Rights. Mind Your Rights was established by the Finnish copyright organisation Teosto to develop a global live music copyright licensing platform. The new owner will secure wider resources for the development and global distribution of the service.
Mind Your Rights was established in 2017 to develop Concertify, a technology platform for faster and simpler tracing of live music copyright data. The service benefits live event organisers through easier reporting as well as music authors through faster receipt of payments. The same platform can be used for tracing copyright data everywhere in the world.
With this deal, NK Digital Solutions acquires 51.35% of Mind Your Rights shares. Teosto, the representative of composers, lyricists, arrangers and publishers of music, will remain the minority stakeholder with a 48.65% holding. The value of the transaction is not published.
“The sale of the majority stake is part of Teosto’s strategy to produce flexible services for the benefit of our customers while reorganising our partnerships. This deal will secure stronger funding base for Mind Your Rights and the development of the Concertify platform into a leading digital platform for global copyright management,” says Risto Salminen, CEO of Teosto.
NK Digital Solutions is a company specialising in digital solutions for the platform economy. Mind Your Rights has collaborated with NK Digital Solutions on solutions development for over a year now. The new owner and its development team are thoroughly familiar with the platform technology and its international commercial potential.
“Mind Your Rights have come up with something unique in Concertify and we see great potential for it to grow into a global platform. We look forward to working with Teosto as a respected partner in the music industry on this innovative industry transforming initiative. We will be investing substantially in its future development with the backing of external financiers,” says Robin Parr from NK Digital Solutions.
The owners of NK Digital Solutions have extensive experience in platform economy solutions that will help scale up the Finnish company to the next level. The development work was originally launched under Teosto and operations were spun off into a new company in 2017.
“Our platform has gained increasing momentum leading to significant new partnerships. The platform has already been piloted to handle mega-concerts and there are already dozens of user organizations. The new owner will secure our resources in the future, which, most importantly, is in the best interest of all music makers performing live,” says Roope Pajasmaa, CEO of Mind Your Rights.
Risto Salminen, CEO, Teosto, tel. + 358 40 844 5984, risto.salminen(at)teosto.fi,
Roope Pajasmaa, CEO, Mind Your Rights, tel. +358 50 3658 351, roope.pajasmaa(at)mindyourrights.fi
Robin Parr, CEO, NK Digital Solutions, tel. +49 172 894 8583, robin.parr(at)neosit.com