Funds led by Apax Partners complete Genius Sports acquisition

Funds led by Apax Partners complete Genius Sports acquisition

Friday, September 7, 2018 Posted by News Team
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Apax pledges to drive growth for the sports data specialist

A group of funds led by global private equity advisory firm Apax Partners have completed the acquisition of Genius Sports Group for an undisclosed sum.

The deal was first agreed in July this year. It sees the Apax-advised funds acquire the business from its founders, management and funds advised by Three Hill Capital Partners, which invested in the business in 2015.

London-headquartered Genius Sports was founded in 2000, and is active in the sports data, sports media and through its Betgenius subsidiary, regulated sports betting markets.

With the acquisition now complete, Apax will use its expertise in building technology companies to support Genius Sports’ growth plans, with the funds it advises to significantly invest in the business.

“With the acquisition now complete, we are eager to put our growth plans into action and embark on this new chapter of accelerated investment in our organisation, employees, technology and services,” Genius Sports Group chief executive Mark Locke said.

“The Apax team has a phenomenal track record of taking cutting-edge technology business to the next level and we are well positioned to grow across all areas of our business.”

Locke, and the rest of the supplier’s management team, are to remain in place following the acquisition.

The deal has been finalised at a time when interest in sports data solutions providers has been ramped up following the repeal of the Professional and Amateur Sports Protection Act in the US. With the path cleared for states to launch legal sports betting, a number of broadcasters have already announced plans to develop betting-centric programming, which will rely heavily on data from sporting events. 

This is likely to generate significant revenue for the US professional sports leagues, with the American Gaming Association revealing earlier this week that the National Football League (NFL) alone could generate an additional $2.3bn. 

The interest in data providers has also seen Genius Sports’ rival Sportradar secure investment from private equity firm TCV and the Canadian Pension Plan Investment Board. The deal, which saw the pair acquire a minority stake, valued Sportradar at $2.4bn.

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