COFIDES will support BMAT, a technology company specialised in monitoring public music broadcasts, in its expansion in Japan. To do this, COFIDES has provided BMAT Music Innovation, S.L.U with a co-investment loan of 500,000 euros, via the FONPYME, for the acquisition of the Japanese company Directors Gear (DG), a branch of SIOS.

The company will expand its subsidiary in Japan by incorporating a local company which specialises in monitoring music on television channels in the country. The project total investment is 1.6 million euros.

BMAT is a technology company based in Barcelona which specialises in detecting the music that is broadcast on all radio and television stations, public spaces and digital services, in order to facilitate the collection of royalties. The company developed the VERICAST platform via which any public broadcast of music can be tracked. It is committed to R&D&i as essential to continued growth, as well as international expansion, and plans to establish subsidiaries in Latin America and Europe.

The COFIDES Chairman, José Luis Curbelo, highlighted the importance of contributing to the international expansion of SMEs specialised in technology, "who accumulate great experience, are more competitive and contribute to improving efficiency. At COFIDES, we are fully committed to supporting companies in the technology sector and it is one of the objectives set out in the 2019-2021 Strategic Plan. In the specific case of BMAT, we consider its contribution to the management of intellectual property rights to be of great importance."

BMAT's Financial Director, Salvador Gurrera, stated that: "Since the early days of the company, BMAT has had a strong connection with Asia. We love Asian culture and believe in its musical character and the strength of its economies. Japan gave us our first customer, and since then we've been trying to make it up to them. With our new office in Tokyo, and the opportunity to combine DG's knowledge with our technology and data, we view the acquisition of DG as a natural step towards positioning BMAT at the centre of the local music ecosystem in Japan."

CONTRIBUTION TO SDG 8

This project contributes to the achievement of Sustainable Development Goal 8 (Decent work and economic growth), since it stimulates the creation of quality direct and indirect employment, enterprise, creativity and innovation. Thanks to their software, music broadcast on radio, television and the internet is registered and identified, facilitating the allocation of property rights. In this way, artists can be fairly compensated for their work.

ABOUT COFIDES

COFIDES is a state-owned company which has been offering financial support to Spanish companies investing abroad since 1988. COFIDES is accredited to the European Union (EU) to manage funds coming from the EU budget, allowing the structuring of transactions with a high impact on development. COFIDES is also accredited to the UN’s Green Climate Fund (GCF) and can therefore structure operations on climate change mitigation and adaptation. Moreover, COFIDES is the exclusive manager of FIEX and FONPYME funds on behalf of the Secretariat of State for Trade attached to the Ministry of Industry, Trade and Tourism and also supports AECID in managing FONPRODE funds. COFIDES’s shareholders include Banco Santander, Banco Bilbao Vizcaya Argentaria (BBVA), Banco Sabadell and CAF-Development Bank of Latin America.

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