MakeMusic, A 115-Worker Company, To Leave Minnesota
Eden Prairie-based MakeMusic, Inc., is relocating its headquarters to Colorado as the result of a restructuring that aligns the company under the control of a fellow software firm.
MakeMusic, a maker of music technology and software, was taken private by investment firm LaunchEquity Partners in 2013, which bought MakeMusic for $17 million.
Peaksware, Inc., another software developer owned by LaunchEquity, is now taking control of MakeMusic, and Peaksware CEO Gear Fisher will replace MakeMusic CEO Karen VanDerBosch by the end of the year. MakeMusic’s chief technology officer will also be replaced.
Peaksware Chief Marketing Officer Jeremy Duerksen told Twin Cities Business that MakeMusic’s vice president of research and development Michael Good will remain on the leadership team after the move.
According to Duerksen, the majority of MakeMusic’s employees will be relocating to Boulder, Colorado and the company will no longer have any Minnesota presence. Duerksen added that “there will be some shared infrastructure within Peaksware, meaning not all jobs and departments will be relocated,” but he said an exact number of employees that will be cut is “unknown” at this time.
MakeMusic employs 115 people, 90 percent of whom currently work in Minnesota. Duerksen said the company wouldn’t relocate until 2015.
Before MakeMusic was bought, it was one of Minnesota’s 100 largest public companies and at the time had revenue of $17.7 million.
In June 2012, former MakeMusic President and CEO Karen van Lith abruptly left the company. At the time, VanDerBosch assumed the CEO duties on an interim basis, a role which she has held ever since. Fisher is now supplanting VanDerBosch.
Also under the Peaksware umbrella company is TrainingPeaks, a software developer designed for athletes and fitness coaches.
“Our vision is to provide the platforms by which performers and instructors can work to perfect their crafts,” Andy Stephens, chairman of MakeMusic and Peaksware, said in a statement. “Both TrainingPeaks and MakeMusic have already helped countless people achieve mastery. Working together under the Peaksware umbrella, they will be able to reach even more.”