Denon DJ acquires WNT Ventures portfolio company Onesixone
Tauranga-based technology incubator WNT Ventures is pleased to announce that portfolio company Onesixone (SoundSwitch) has been acquired by American based company Denon DJ, a leading manufacturer of premium DJ products and solutions.
The team behind Onesixone have developed an innovative software-hardware solution, SoundSwitch. SoundSwitch enables DJs to seamlessly integrate DMX lighting with live audio, providing the ability to dynamically enhance the visual and lighting elements of their performances.
Beppie Holm, Chair of Onesixone, reports that the acquisition, made through a New Zealand entity, will see Denon DJ retain Onesixone’s employees and the company’s existing base in Tauranga. Denon DJ recognises the talent within the company and can see that Tauranga is an ideal location for the next phase of the company’s growth.
“This is a great outcome for Onesixone and it is a significant achievement. It represents the first full realisation for both WNT’s first fund and the Callaghan Innovation Technology Incubator Programme”, says Carl Jones, CEO of WNT Ventures. “Along with the retention of employees and base in Tauranga, Denon DJ will increase R&D spend and will attract more talent to the region, ensuring continued positive economic outcomes for the Bay of Plenty and New Zealand as a whole”.
Denon DJ forms part of parent company, inMusic, alongside leading music industry brands such as Akai Professional, Numark and Rane. Zak Meyers, CEO of Onesixone, says that “We are excited to be a part of the Denon DJ team and look forward to working together to develop the next generation of technology”.
WNT Ventures’ first round of investment into Onesixone was in August 2015 and made two further investment rounds alongside investors such as Enterprise Angels, Angel HQ and NZVIF. Through WNT Ventures, Onesixone was also able to access a repayable loan from Callaghan Innovation as part of the Technology Incubator Programme.
Elena Higgison, Startup Manager at Callaghan Innovation, says: “The Technology Incubator Programme was set up to support companies in their commercialisation of disruptive technologies, and this acquisition is a successful outcome for all involved. Not only will operations and R&D remain in New Zealand, the loan will be repaid in full and recycled back into the programme. The funds can then help more hi-tech Kiwi businesses to commercialise successfully and go global.”
WNT Ventures recently announced their second fund of $4.4 million and are actively seeking to invest further into pre-revenue companies throughout New Zealand.
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