Social network Imeem on Monday said it has agreed to acquire Snocap, the company started by Napster founder Shawn Fanning.
The media-sharing site said that the acquisition gives the company content identification technology and engineering talent.
“Together we’ll build on that work in the coming months, and give labels and independent artists new ways to promote and sell their music through imeem, MySpace, and anywhere on the web,” Imeem CEO Dalton Caldwell said.
Snocap’s MyStores, which serves the MySpace Music Service, allows independent artists to sell music across web sites and keep control of licensing and rights.
Financial terms of the deal were not disclosed.