TEL-AVIV, ISRAEL – Stingray Digital is continuing its international expansion after buying Israeli digital music broadcaster Musicoola, the company said Wednesday.
Financial terms of the deal were not announced. Based in Tel-Aviv, Musicoola offers a full suite of linear music channels tailored to local tastes to television service providers in Israel, Angola, Hungary and Romania. Musicoola’s services will continue to be offered to existing customers, and the integration of the companies will begin immediately.
“As part of our plan for global expansion, we are continuously seeking strategic acquisitions that fit with the Stingray Digital model and allow us to further expand the distribution of our various music-related properties”, said Stingray president and CEO Eric Boyko, in the announcement. “Musicoola is an ideal fit for us, since there are ample opportunities for synergies between our respective platforms and services.”
Boyko added that the acquisition will allow the Montreal-based company to expand its product offering to new customers in the Middle East and Africa, plus deepen its penetration of the European market. This is the eighth acquisition for Stingray since its inception in 2007, and its music services are now available to cable, IPTV and satellite television service providers in more than 50 countries.
