London-based sports data specialist Genius Sports Group has confirmed it is to be acquired by Apax Partners, a US-led private equity firm.
Apax, a long-time investor in data, tech and distribution businesses, announced in a statement that the transaction will close in Q3 2018.
Under the terms of the acquisition, whose financial details have not been disclosed, Genius Sports Group’s management team will remain in place and retain a minority stake in the organisation.
Founded in 2000, Genius Sport Group is a distributor and capturer of real-time sports data, with its software used by 300 sporting bodies around the world including Major League Baseball, the English Premier League and the PGA Tour.
Through Betgenius, the group’s technology is also used by over 150 licensed sportsbook operators across its betting platforms, trading and customer engagements systems.
The deal with Apax follows deregulation of sports betting in the United States. It also brings a major cash injection that will help fuel Genius' growth in its strategically important Asian market.
Mark Locke, CEO of Genius Sports Group, commented: “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.
“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.”
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.”