2 days Ago By Chris Keall
Tiny, a Canadian tech investment firm, has bought a 66% stake in Auckland DJ software maker Serato for US$66 million ($116.9m) in a cash (US$42m) and scrip (US$24m) deal that values the Kiwi firm at $175m. Serato chief executive Young Ly said the firm will remain in Ponsonby – home of most of its 175 staff – and will be run as an autonomous operation.
He would remain in charge. It’s a case of second time lucky for Serato and major shareholders AJ Wilderland and Steve West. In July 2023, a deal was announced to sell 100% of their firm to Japan’s Pioneer DJ (part of AlphaTheta) for US$65m plus an undisclosed amount in bonus earn-outs if targets were hit under the new ownership.
But after a year-long investigation, which saw its decision deadline pushed out six times, the Commerce Commission blocked the deal – siding with InMusic (the owner of several major DJ hardware brands) that argued the deal would reduce competition, given Serato’s software dominates professional DJ decks and living-room set-ups worldwide..
