British private equity advisory firm, Apax Partners, has announced the signing of a definitive agreement that is to see it pay an undisclosed amount in order to assume a majority stake in sports data technology, distribution and integrity services firm, Genius Sports Group Limited.
Existing team to remain in place:
According to an official Monday press release from London-headquartered Apax Partners, the acquisition is expected to close by the end of the third quarter and see Genius Sports Group Limited’s current executive management team including its Chief Executive Officer, Mark Locke (pictured), remain in place with a minority stake.
Further investment imminent:
Apax Partners declared that the purchase will result in Genius Sports Group Limited being provided with more funds in order to strengthen and grow its international operations. It stated that this will happen organically as well as through ‘strategic acquisitions’ and better position the firm in the ‘rapidly changing sports rights market.’
Global presence realized:
Established in 2000, Genius Sports Group Limited specializes in capturing and distributing real-time in-game statistics that are subsequently used by in excess of 300 sporting bodies around the world including Major League Baseball and the English Premier League to identify, combat and prevent betting-related corruption.
London-based Genius Sports Group Limited is moreover responsible via its Betgenius subsidiary for providing more than 150 licensed sportsbook and lottery operators across the globe with technology that is designed to boost turnover, customer engagement and profits.
Acquisition ‘stood out’ as a leader:
Gabriele Cipparrone, from Apax Partners, revealed that his firm has been interested in entering the sports data sector ‘for some time’ and feels that the provision of live statistics and associated technologies will serve as key drivers of future growth.
He additionally explained that Genius Sports Group Limited ‘stood out’ as a leader in its field owing to ‘the breadth of its offering’ alongside ‘its industry-leading technology and its excellent reputation as a ‘high integrity’ data provider.’
Cipparrone’s statement read…
“The company has grown strongly in recent years and we look forward to working with Mark and his team to continue this growth as the company leverages new technologies to enhance its services.”
Excitement over coming possibilities:
For his part, Locke used the July 30 press release to detail that he is ‘excited’ about Apax Partners’ coming involvement with Genius Sports Group Limited as the relationship is expected to help his firm to capitalize on anticipated growth in the sports data and wagering sectors, especially in the emerging markets of the United States.
Locke’s statement read…
“As we enter the next phase of dynamic growth, Apax [Partners] is one of the few partners with the expertise, global presence and access to capital to enable us to achieve our goal of becoming the most trusted and most respected sports data technology company in the world.”