Propellerhead acquired by Verdane Capital.

Propellerhead Software, a Stockholm, Sweden-based music software company, announced that the company is bringing on board private equity fund Verdane Capital IX (Verdane) as a new partner. Verdane will support the company's expansion in several areas around the core product Reason, the app store-model Rack Extensions and the mobile music-making platform.

The financial details of the transaction remain undisclosed, though Swedish media speculates a deal valued at at least SEK 200M, with Verdane acquiring more than 60% of the company.

Propellerhead, founded in 1997 by CEO Ernst Nathorst-Böös, has created some of the world’s most innovative music software applications, interfaces and technology standards. Some of its products - Figure, Reason, ReCycle and ReBirth - are applications used by the media, musicians and producers while technologies such as ReWire and the REX file format are de-facto industry standards, implemented in all major music software.

Propellerhead currently has over 40 employees and the company has been grown without external capital.