TA Associates buys connected jukebox company TouchTunes
TouchTunes, an entertainment platform with 65,000 connected jukeboxes, is being sold to private equity firm TA Associates.
Why it's the BFD: The jukebox isn't dead. People now just use mobile payments to choose their own music while out of their homes.
- TouchTunes is already embedded in bars and restaurants across North America and Europe and PE cash could further that reach.
Details: Searchlight Capital Partners and Newlight Partners advised the funds. LionTree Advisors was the financial adviser.
- Financial terms were not disclosed.
- "TouchTunes has already established itself as a market leader, but we see opportunity for continued innovation and expansion," said Michael Berk, a managing director at TA Associates.
Yes, and: TouchTunes is one of my favorite apps, bringing people together through music whether together or apart.
- I use the system at Waffle House when my family and I visit my grandpa in Florida. I can also play DJ when I'm not there.