Private equity firm Apax Partners has agreed a deal to acquire sports data technology firm Genius Sports Group.
The US-based investment company acquired the stake from “founders, management, funds advised by Three Hills Capital Partners and other minority shareholders” and the financial terms were left undisclosed for a deal expected to close in Q3 2018.
Founded in 2000 and with London headquarters, Genius Sports Group is a leading firm in sports data, sports media and regulated betting sectors, specialising in the capture and distribution of real-time data.
Its sports betting division Betgenius is used by over 150 licensed sportsbook operators in regulated markets around the world. Genius Sports Group says that its acquisition by Apax Funds will help provide capital to expand internationally. Genius Sports Group’s management team will remain in place and retain a minority stake in the company.
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. Within this sector, Genius Sports Group stood out due to the breadth of its offering, its industry-leading technology, and its excellent reputation as a ‘high integrity’ data provider. 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.”
Mark Locke, CEO 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.
“Our company’s values are founded on integrity, intelligence and innovation so it was critical for us to choose a long-term investment partner that embodies these principles and understands our vision. As we enter the next phase of dynamic growth, Apax 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.”
