HOLMDEL - Vydia, a company based in Bell Works that develops software to help musicians manage their budding careers, has been sold to a startup company owned by music mogul Larry Jackson and backed by investors including Apple, executives said Wednesday. Terms of the deal weren't disclosed.

Vydia founder Roy LaManna will stay on with Jackson's company, called Gamma. Vydia will continue to operate under its own name. And LaManna is searching for a location to build a new headquarters, with Asbury Park and Fort Monmouth in the mix.

"We think of artists as entrepreneurs," LaManna said of the vision he shares with Jackson for the entertainment industry. "We think the modern day (business model run by major labels) is kind of antiquated."

Vydia, founded in 2013, was one of the first tenants in Bell Works. It has grown to nearly 80 employees, added offices in Los Angeles, Nashville and Miami, and touts a roster of 250,000 artists.

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Its high-profile acquisition marked a milestone for New Jersey's technology industry. LaManna, 42, is a dropout of Brookdale Community College in Middletown. And his early investors include Newark Venture Partners and Old Bridge native Jay Bhatti, a venture capitalist.

"It's a testament to the innovation economy in New Jersey and how investors looking in our own backyard for visionary entrepreneurs can have very strong success," said Aaron Price, chief executive officer of TechUnited, New Jersey's technology industry trade group.

Vydia makes software that helps artists manage the financial side of their business, allowing them to keep track of rights management, royalties and performance analytics in an age when their content can be shared on internet sites like YouTube, Facebook and Instagram.

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Gamma bought Vydia last December, but only made it public on Wednesday, when the Los Angeles-based company announced its plans with a splash.

Jackson, former creative director for Apple Music Global, said he and music veteran Ike Youssef lined up $1 billion in backing from Apple; Eldridge Industries, a private-equity company that partnered with Sony Music Group to buy Bruce Springsteen's catalog; and A24, a film and television production company whose movies include Academy Award contender "Everything Everywhere All At Once."

The goal: create what it called a modern media company that would change the way artists — musicians, filmmakers, podcasters, fashion designers and so on — create, distribute and make money from their content. It is geared toward a new generation whose brands cut across different media.

"They shouldn’t have to jump through multiple hoops to express themselves," Jackson said in a press release.

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Vydia employees will continue to work with the new company. LaManna was named chief technology and product officer for Gamma. And Vydia executives Jenna Gaudio and Mark Gorman were named co-president of distribution for Gamma.

LaManna said in an interview that he'd had previous chances to sell his startup and make what the technology world calls a lucrative "exit." But he turned down offers because he wanted to make sure the new company shared his vision and values, namely, giving artists more control of their finances.

He said he met Jackson two years ago in Beverly Hills after they were introduced by a mutual friend and began talking about a year ago about forming a partnership.

Vydia recently signed a lease that would keep the company at Bell Works for another 12 to 18 months, LaManna said, while he searches for new space for a new headquarters that would include studios and be open to the public.

He has yet to settle on a location, narrowing it down to Asbury Park and Fort Monmouth, he said.

LaManna himself is likely to spend most of his time in with Gamma in Los Angeles, and noted New Jersey's tax climate for startups remains burdensome. But Vydia's expansion locally raises the prospects that Monmouth County could be home to another media company to join A-listers Kevin Smith and Netflix.

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"It thinks of the artist as a modern-day entrepreneur," LaManna said. "Look at Rhianna. Look at Jay-Z. Look at all the artists that have become billionaires. They are artist-entrepreneurs. They create movies, they create content, they create clothing. Music is the center of culture and the artists more than ever have the ability to monetize their cultural influence."

Michael L. Diamond is a business reporter who has been writing about the New Jersey economy and health care industry for more than 20 years. He can be reached at mdiamond@gannettnj.com.

This article originally appeared on Asbury Park Press: Vydia bought by Gamma, may move to Asbury Park or Fort Monmouth