The DRM developer has been up for sale ever since October, when the company announced it was laying off 60% of its workforce.

As always, secrecy was the keyword for the announcement, so no financial term have been disclosed.

Still, the news is not very surprising. First of all, imeem is a social network for artists and musicians, so software to protect the users’ work had to be at hand. Second, imeem had already been in business with Snocap for some time.

The site has used Snocap’s technology to identify content as it is uploaded by imeem users, manage the rights associated with that content, and make payments to artists and labels for use of their music online.  As a result, imeem gives consumers the ability to upload, listen to and share music, while offering artists and labels the choice to make their music available through imeem. Artists and labels who make their music freely available for streaming on imeem share in the site’s music advertising revenue.

Snocap stressed out that its users’ accounts will suffer no changes whatsoever, but added that enhancements are to be unveiled later this year.