Audio technology for gaming (NASDAQ: HEAR).
Audio Network was founded in 2001 Andrew Sunnucks and Robert Hurst, two music industry veterans in the United Kingdom. They had a goal of building a music company that made it easy and simple to license high-quality commercial music for global distribution. Andrew and Robert decided to build a production music library from scratch in order to hold 100% of rights to the music, allowing it to be licensed without traditional restrictions. Today, Audio Network has a growing base of subscribers worldwide with over 4,700 customers purchasing an annual music license in the U.K. and over 500 customers in the U.S. Key clients include many of the largest broadcasters and production companies in the world, such as NBC, BBC, HBO, Turner, MTV and Endemol.
Through its network, Stripes was introduced to the founders of Audio Network in August 2012. At the time, the Audio Network team was not looking to engage in a transaction; however, the interactions between Stripes and Audio Network over 11 months led to a proprietary investment opportunity. The founders and Company elected to partner with Stripes given our combination of entrepreneurial operating abilities and domain expertise in technology, internet and media. Since our investment in July 2013, the Stripes team continues to work closely with Audio Network to help achieve its growth initiatives and continue its positive momentum.