Unhappy with the efforts of Will Records, the band signed a worldwide deal with Richard Branson's V2 Records in 1999, their first release on the label being the Signal to Snow Ratio EP in September that year. In May 2000 they released their second album, The Sophtware Slump, to critical acclaim. NME later placed it at number 34 in their "Top 100 Greatest Albums of the Decade", and The Independent described it as "easily the equal of OK Computer". The album reached number 36 on the UK Albums Chart, and the band's fanbase increased, including celebrities such as David Bowie, Kate Moss and Liv Tyler. By early 2001 the album had sold 80,000 copies worldwide. The first single from the album, "The Crystal Lake", became the band's first UK top 40 single when it was reissued in 2001.  Around the time that The Sophtware Slump was released, Grandaddy was invited to open for Elliott Smith on his tour for Figure 8. On some nights, Smith would join Grandaddy onstage and sing lead vocals on portions of "He's Simple, He's Dumb, He's the Pilot". The band later opened for Coldplay on their US tour in mid-2001. Also in 2001, the band's version of The Beatles' "Revolution" was used in the film I Am Sam.  Their third album, Sumday, recorded in Lytle's home studio, was released in 2003. The band promoted it with a pre-release US tour with Pete Yorn followed by a three-week European tour (including a performance at the Glastonbury Festival) and a larger US tour. Lytle described the album as "Grandaddy influenced by Grandaddy ... the ultimate Grandaddy record".  In 2004 and 2005 Lytle recorded Just Like the Fambly Cat, which was released as a Grandaddy album, although by then the band had decided to split up. The title is a reference to Lytle's desire to leave Modesto, a town which he complained "sucks out people's souls". Lytle created the album over a year and a half in his home studio in Modesto, "fueled by alcohol, painkillers for his body aches and ... recreational drugs", with only Burtch from the remainder of the band playing on it. At the same time as working on the album, Lytle created the EP Excerpts From the Diary of Todd Zilla, which was released first.

Answer this question "What was V2 record deal about?" by extracting the answer from the text above.
Unhappy with the efforts of Will Records, the band signed a worldwide deal with Richard Branson's V2 Records in 1999,