MakeMusic Announces Agreement to Acquire Garritan Corporation
December 20 2011 - 9:00AM
Business Wire
MakeMusic, Inc. (NASDAQ: MMUS) today announced it has signed an
agreement to acquire Garritan Corporation, the world’s leading
provider of software musical instruments. Under the terms of the
agreement, Garritan Corporation will become a wholly-owned
subsidiary of MakeMusic. Founder Gary Garritan will be joining
MakeMusic as director of instrumental sciences. Closing is subject
to customary conditions and is expected to occur within the next
few weeks.
“The acquisition of Garritan is an exciting addition to
MakeMusic,” said Karen van Lith, MakeMusic CEO. “Garritan Libraries
provide breathtaking sounds to inspire the musician’s creative
experience. Gary Garritan is a true pioneer, and we are fortunate
to add his technological expertise and pursuit of innovation to our
growing team.”
“MakeMusic is the industry leader in music notation and
technology,” said founder, Gary Garritan. “They have a talented
team, a history of success, a passion for excellence and a bright
future. The sky is the limit as we look to expand our success with
MakeMusic and prepare to launch exciting new software instrument
offerings.”
Used in conjunction with music-writing software such as Finale,
Garritan software libraries provide sounds so realistic they can be
indistinguishable from a live performance. Garritan sounds are
widely used in television, film and on the world’s greatest concert
stages.
Garritan Corporation’s holdings include Garritan Personal
Orchestra 4, World Instruments, Concert & Marching Band 2, Jazz
& Big Band 3, Authorized Steinway, McGill University Master
Samples, the Giga technologies and more. Garritan sounds have also
been licensed in numerous music apps from Apple, Avid, AKAI,
Cakewalk, Microsoft and Sony.
About MakeMusic, Inc.MakeMusic®, Inc. is a world leader
in music technology whose mission is to develop and market
solutions that transform how music is composed, taught, learned and
performed. For more than 20 years, Finale® has been the industry
standard in music notation software, enabling composers, arrangers,
musicians, teachers, students and publishers to create, edit,
audition, print and publish musical scores. MakeMusic is also the
creator of SmartMusic® education software that is transforming the
way students practice. With SmartMusic, students and teachers have
access to thousands of band, orchestra and vocal pieces allowing
students to practice with background accompaniment and get
immediate feedback on their performance. SmartMusic allows teachers
to individualize instruction and document the progress of every
student. The SmartMusic® Inbox™, an Android™ and Apple® mobile
application, provides additional access for teachers to review,
grade, and comment on student assignments. MusicXML™ is an
Internet-friendly way to publish musical scores, enabling musicians
to distribute interactive sheet music online and to use sheet music
files with a wide variety of musical applications. Garritan sound
libraries provide musicians with state-of-the-art virtual
instruments with the play back quality of a live performance.
Additional information about this Minnesota company can be found at
www.makemusic.com.
Cautionary StatementsCertain statements found in this
release may constitute forward-looking statements as defined in the
U.S. Private Securities Litigation Reform Act of 1995.
Forward-looking statements reflect the speaker’s current views with
respect to future events and include any statement that does not
directly relate to a current or historical fact. Our
forward-looking statements in this release relate to our
expectations regarding the anticipated timing for completing the
acquisition of Garritan Corporation, the expected benefits that
will result from the acquisition, our intent to pursue ongoing
development and support sound innovation. Forward-looking
statements cannot be guaranteed and actual results may vary
materially due to the uncertainties and risks, known and unknown,
associated with such statements. Examples of risks and
uncertainties for MakeMusic include, but are not limited to: (i)
unexpected delays in satisfying closing conditions for the
acquisition; (ii) unexpected difficulties or delays in integrating
the Garritan Corporation’s business with MakeMusic’s business;
(iii) our ability to retain Gary Garritan as an employee; and (iv)
those factors described from time to time in our reports to the
Securities and Exchange Commission (including our Annual Report on
Form 10-K). Investors should not consider any list of such factors
to be an exhaustive statement of all of the risks, uncertainties or
potentially inaccurate assumptions investors should take into
account when making investment decisions. Shareholders and other
readers should not place undue reliance on “forward-looking
statements,” as such statements speak only as of the date of this
release. We do not intend to update publicly or revise any
forward-looking statements.
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