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<div class="intro-text">
 Vinyl Group, an Australian music tech company, has <a href="https://drive.google.com/file/d/1H-r2idr0kpIhxlZr3zClcpynqm9w5EHv/view?usp=drivesdk" rel="noopener noreferrer nofollow">announced</a> its acquisition of London-based Web3 startup Serenade.&nbsp;
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The acquisition will enable the Group to fully acquire Serenade’s assets, including 100% ownership of its UK subsidiary, as part of its strategy to strengthen its position in the digital collectibles market.&nbsp;
As part of the acquisition, key members of Serenade’s team, including CEO Max Shand, have joined Vinyl Group.&nbsp;
According to the press release, Shand signed a full-time employment agreement to lead Serenade in meeting its performance targets while also assisting in expanding Vinyl.com’s product offerings into both physical and digital collectables, as well as entering new markets.&nbsp;
To incentivize his performance, Shand was granted five million stock options, divided into two tranches. The first tranche was set to vest once the combined Vinyl.com and Serenade businesses achieved post-acquisition targets of $4 million in revenue and $500,000 in EBIT within 12 months. The second tranche would vest on the second anniversary of Shand’s employment. These options carried a 7-year term, with the exercise price to be determined by Shand and Vinyl Group prior to issuance.
Vinyl Group CEO Josh Simons praised Shand’s leadership, stating, 
<blockquote>
 “Max Shand has built Serenade into a business with immense potential. With our acquisition, we plan to provide the resources needed to help Serenade fully realize that potential. As a technology-driven company, Vinyl Group saw this as a perfect opportunity to enhance our tech offerings. We are excited to welcome Max and other key Serenade team members to the Vinyl Group family.”
</blockquote>
Shand expressed his enthusiasm about the acquisition, saying, 
<blockquote>
 “I’m thrilled to announce that Serenade has been acquired by Vinyl Group, Australia’s only ASX-listed music company. From our very first discussion, it was clear that Josh, Jorge, and the Board shared our vision for supporting artists and audiences with innovative music products. I’m excited to see how this partnership amplifies our impact. I also want to extend my gratitude to the incredible Serenade team whose passion, talent, and dedication made this achievement possible.”
</blockquote>
RELATED: <a style="color: #0000ff;" href="https://defi-planet.com/2023/09/web3-in-music-innovations-reshaping-the-music-industry/" rel="noopener noreferrer nofollow">Web3 in Music: Innovations Reshaping the Music Industry</a>
The acquisition involves an upfront payment of AUS $800,000 (US$554,700), with an additional AUS $1.5 million (US$1 million) in shares set aside for Serenade’s shareholders. This extra payout depends on the combined entity reaching a revenue target of AUS $4 million (US$2.77 million) and an EBIT of AUS $500,000 (US$346,700) within 12 months after the deal’s completion.
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The post <a href="https://defi-planet.com/2024/09/vinyl-group-acquires-uk-based-web3-start-up-serenade/" rel="noopener noreferrer nofollow">Vinyl Group Acquires UK-Based Web3 Start-up Serenade</a> appeared first on <a href="https://defi-planet.com" rel="noopener noreferrer nofollow">DeFi Planet</a>.

Vinyl Group Acquires UK-Based Web3 Start-up Serenade

DeFi Planet

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