Apple confirmed today that it’s finalizing a deal to acquire the music recognition and discovery app Shazam. According to Tech Crunch, the deal is valued at roughly $400 million, although that number has not been confirmed by either company.

If Tech Crunch’s report is accurate, Shazam’s $400 million valuation would be down significantly from its reported $1 billion value in 2015, the last time it raised venture capital funding. It’s unclear how Apple plans to integrate it into the company’s existing offerings, although Shazam currently directs a significant amount of traffic to both Apple Music and Spotify with its signature music discovery function. Both services pay Shazam when clickthroughs turn into purchases.

Shazam, best known for its app that allows users to identify songs, TV shows, and films with a few seconds of audio or video analysis, was first founded in 1999 as a call-in service, and has achieved widespread popularity over the past decade. It passed one billion downloads in 2016, and has raised hundreds of millions of dollars in venture capital funding. Still, it hasn’t managed to make much money. The company achieved profitability for the first time in 2016 after a significant strategy shift towards advertising, but questions remained about its long-term financial health. It also began branching out into other areas of media, launching the successful Beat Shazam game show that was recently renewed for a second season.

According to Tech Crunch, both Spotify and Snapchat’s parent company Snap, Inc. expressed interest in acquiring Shazam, but ultimately weren’t able to settle on a price or a model to integrate it into the existing businesses of the respective platforms. It’s possible that current integration with both Spotify and Snapchat could be changed or axed once Apple takes control, although nothing is confirmed yet.

Earlier today, Apple released a full statement about the purchase:

We are thrilled that Shazam and its talented team will be joining Apple. Since the launch of the App Store, Shazam has consistently ranked as one of the most popular apps for iOS. Today, it’s used by hundreds of millions of people around the world, across multiple platforms. Apple Music and Shazam are a natural fit, sharing a passion for music discovery and delivering great music experiences to our users. We have exciting plans in store, and we look forward to combining with Shazam upon approval of today’s agreement.

Check out Tech Crunch’s full report here to learn more about the deal.