Multinational technology company Apple is reportedly close to a deal to acquire the popular music identification app Shazam for $400 million, according to TechCrunch.
According to sources, the nine-figure sale price could be more than the reported $400 million. That said, during Shazam’s last round of funding in 2015 the post-money valuation was said to be $1.02 billion.
Neither Shazam or Apple have commented on the sale, but the proposed deal could be finalized by the end of the day and announced on Monday.
Shazam, which was launched in London in 1999, reached the one billion downloads mark in September of 2016, and reported a revenue of $54 million for that year. That said, the acquisition makes sense as the platform already drives users to Apple Music and is compatible with Siri.
For more on Shazam, check out all the creative ways to discreetly use the app when in the club.
Harrison is Mixmag's East Coast Editor. Follow him on Twitter here