Last week, TechCrunch reported that Apple (NASDAQ:AAPL) might be acquiring music application Shazam, and on Monday, both companies confirmed the news.

Apple spokesperson Tom Neumayr confirmed the news and told BuzzFeed News. He mentioned that the company has been one their top rated in the store for a long time, so it just made sense that the two join forces. 

Elaborating further, Neumayr said that the company and Apple are a “natural fit” and that both Apple Music and the music app share similar passions.

Shazam also confirmed the deal on Monday.

Even though the deal’s price has yet been released to the public, there is a good chance that it will be less than half of the $1B Shazam was thought to be worth during its last round of fundraising two years ago. Founded in 1999, the app has become extremely popular after Apple included it in its App Store in 2008.

The acquisition of Shazam is just the latest move in Apple’s journey into the sector of music technology.

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Author Caroline Harris

About the author: Caroline Harris is a third-year student at Capilano University in North Vancouver, Canada. Having already completed an Associates Degree in Psychology, Caroline is now finishing her Bachelor's degree in Communications. In preparation for working in the advertisement sector, Caroline is writing financial content and analysis. On a daily basis, Caroline works on articles regarding the following topics: finance, cryptocurrency, technology, and politics.