July 30 – Sports data specialists Genius Sports Group is to be acquired by a group of funds advised by Apax Partners. The new money will be used to expand internationally, said the company.
No figure was announced for the deal which is expected to complete by then end of September. The buyout will see company founders and management sell their shares, though a minority stake will be retained by Genius Sports’ management team who will be retained.
A company press release said that it will now be “better positioned” to grow both organically and through strategic acquisition.
Gabriele Cipparrone, Partner at Apax Partners, said: “We have been attracted to the sports data market for some time, having seen live data and technology as key drivers of growth.”
All the group’s sports data and sports media products are included in the sale, as is its operations in the regulated sports betting sectors. Sport Genius software is used by over 300 sporting bodies
Mark Locke, Chief Executive Officer of Genius Sports Group, said: “We are excited to have Apax on board as we look to capitalise on the significant expected growth in the sports data and regulated betting markets, including substantial opportunities in North America.”
There is a current rush to establish early position in the US betting data market following the end of the PASPA law that restricted online bookmaking. Betgenius technology is alo used by more than 150 licensed sportsbook operators worldwide.
Contact the writer of this story at moc.l1714157997labto1714157997ofdlr1714157997owedi1714157997sni@n1714157997osloh1714157997cin.l1714157997uap1714157997