Apple is on the verge of buying Shazam Entertainment Ltd. which would value the company at $404 Million according to the sources close to the matter and the official announcement could be made as soon as Monday, reports TechCrunch. Shazam recognition app is already integrated into Siri and was valued at about $1.02 billion in its last funding round back in 2015.
According to an earlier report, the acquisition could value Shazam at about 300 million GBP (US$404 million). Shazam uses the microphone on a smartphone to identify almost every son that is playing nearby and this feature would help Apple to embed such functionalities within its music offering.
Apple and Shazam’s spokesman declined to comment on the matter. Apple Shazam acquisition could really come as a shocker to Shazam investors, who include Mexican billionaire Carlos Slim and venture capital firms Kleiner Perkins Caufield & Byers, Institutional Venture Partners and DN Capital Ltd. The 18-year old company really gained popularity within a short span with its accurate music recognition capabilities. It needs to be seen if Apple will remove the Shazam from Google’s PlayStore and other mobile app stores.