Music hardware and software manufacturer Native Instruments has entered into preliminary insolvency proceedings, according to a report by Create Digital Music. This is the company behind iconic software like Massive, Traktor and Kontakt and hardware like Maschine+. Native Instruments also owns the brands iZotope, Brainworx and Plugin Alliance.

We don't have many specifics as to what this entails and what the future of the company will look like. We do know that an administrator has been appointed to handle restructuring and, potentially, to sell off existing assets. Native Instruments employs hundreds of people and their fates also remain uncertain.

A private equity firm called Francisco Partners owns a majority stake in the company. It also owns majority stakes in entities like GoodRX and Verifone, among others. This isn't the first time Native Instruments has been forced into major restructuring. The company experienced plenty of layoffs and uncertainty between 2019 and 2020 before being purchased by private equity.

Again, we have no idea how this will shake out. It's possible that new investors will jump on board and it goes back to business as usual. It's also possible everything will be scrapped for parts and sold to the highest bidder.

We do know that subsidiary Plugin Alliance seems to be unaffected. It issued a statement on Facebook saying that it isn't involved with the proceedings and that operations will continue as normal. This means new plugins will be released, along with updates for current software.

Everything else is still up in the air. This is troubling for those who have heavily invested in the company's ecosystem of products. I'm one of them. Any hope I had for a hardware refresh of the Maschine+ just went out the window.

If the company's robust line of software goes up for sale, Akai is likely the best bet. It has already begun incorporating Native Instruments software into MPC machines.