Audio recognition app company Shazam announced a $40 million investment from Latin American telecoms giant America Movil, with the companies also inking “a strategic business collaboration for the Americas”.

Shazam said the funds will “help accelerate Shazam’s ongoing growth in music, continued expansion into television and the development of innovative new products”.

In a statement, America Movil said that it has acquired 10.8 per cent of Shazam.

The partners have not said how their new alliance will work, although the Shazam app is likely to be pre-installed on devices sold by America Movil and promoted to its user base.

Andrew Fisher, executive chairman of Shazam, said: With over 350 million users we are excited to be partnering with America Movil to further accelerate our growth throughout the Americas.”

With operations across 18 countries, in addition to its mobile business America Movil also has more than 17 million television subscribers, which could help Shazam with its media aspirations in the Americas.

While in many markets Shazam is best known for its music recognition services, it has recently been increasing its presence in the television market, working with advertisers to deliver interactive campaigns, and in the US market enabling audio recognition of TV broadcasts.

Since its last ($32 million) funding round in 2011, Shazam said its user base has “more than doubled” to 350 million people worldwide, with more than 70 million monthly active users.

Earlier this year, Shazam reshuffled its management in a move that was seen as a precursor to an initial public offering.

While the America Movil deal does not mean that this will no longer take place, it may see the IPO pushed back, due to the fact that Shazam now has no immediate need to raise additional funds.