Company Secures $10 Million in Series B Funding From Insight Venture Partners and Goldberg to Expand Contract and Rights Management SaaS Solutions for the Music Industry
LOS ANGELES, CA- FilmTrack, a global leader in intellectual property management software for the media and entertainment industry, has acquired music licensing software platform Dashbox, which was founded by Dave Goldberg and well-known digital executive Bob Roback. FilmTrack has also closed a $10 million Series B funding round led by return-backer Insight Venture Partners and Goldberg, with participation from FilmTrack founders Jason and Stephen Kassin. As part of the transaction Goldberg, who is the CEO of SurveyMonkey, joins FilmTrack’s Board of Directors.
FilmTrack’s new funding and acquisition of Dashbox will allow the company to scale its operations, fuel innovation and expand its suite of contract and rights management SaaS software solutions for the global music industry.
FilmTrack CEO Jason Kassin said: “We’re excited about the acquisition of Dashbox, this new round of funding and, most of all, Dave joining our Board — all of which will allow FilmTrack to expand its footprint in the music industry and achieve increased growth and success across other verticals. As the company continues to grow, FilmTrack remains dedicated to its core mission, which is to provide the most powerful business solutions for rights and content management across media and entertainment. Dave shares our vision and brings tremendous industry and technology expertise to our company, particularly given his deep connections to Silicon Valley.”
More than 200 companies, including some of the most established brands in media and entertainment, currently use FilmTrack to better manage, monetize and deliver their intellectual property. Earlier this year, FilmTrack extended its position as the leading royalties and licensing solution for media and entertainment companies through the acquisition of software provider Jaguar Consulting.
“Over the past 10 years, technology has revolutionized the way people consume, share and discover media. During this same period FilmTrack has been pushing innovation on the business-side of entertainment,” said Dave Goldberg. “The company has made tremendous inroads in delivering cloud-based solutions to the industry and I’m very excited to join the Board.”
“The acquisition of Dashbox further positions FilmTrack as the market leader in content, rights and royalty management across all media and entertainment verticals,” said Peter Sobiloff, Managing Director at Insight Venture Partners. “We’re excited to support Jason and his team as they expand their business and continue to build on the company’s track record of success and innovation.”
Designed for the creative production community, Dashbox is a cloud-based music asset and metadata management system which allows for the sourcing, updating, hosting and managing of licensed library music. The Dashbox database includes titles from over 130 distributors of production music and SFX, representing over 4 million compositions and sound recordings.
Mike Lang, FilmTrack Board Member and President of Lang Media Group, was instrumental in introducing Goldberg to FilmTrack and facilitating the investment and Dashbox deal.
For more than a decade, FilmTrack has been transforming the way the media and entertainment industry monetizes, measures and delivers its content and related assets across every point in the intellectual property lifecycle. FilmTrack’s cloud-based software platform streamlines the complex intellectual property management process — from project inception to distribution — and provides a holistic view into critical data supporting rights, availabilities, contracts, invoicing, licensing, revenue recognition, royalties and workflow management. Backed by Insight Venture Partners, FilmTrack serves as both a front and back office to hundreds of clients worldwide including CBS, DreamWorks Animation, Endemol, eOne, Legendary Pictures, Miramax, National Geographic and Starz.
About Insight Venture Partners
Insight Venture Partners is a leading global private equity and venture capital firm investing in software, eCommerce, Internet, and data-services companies. Founded in 1995, Insight has raised more than $8 billion and made more than 200 investments worldwide. Insight’s mission is to find, fund, and work successfully with visionary executives who are driving change in their industries. Insight provides them with practical, hands-on growth expertise to foster long-term success. For more information on Insight and all of its investments, visit www.insightpartners.com.
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