Sports data and media rights distributor Genius Sports Group begins a new era under the ownership of US multinational private equity firm Apax Partners.
This afternoon, Mark Locke Chief Executive and enterprise co-founder of Genius Sports confirmed that Apax had completed its acquisition.
“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” Locke detailed to media.
“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.”
First announced on 30 June 2018, Apax a renowned private investor in fast-growth technology firms agreed to acquire Genius outright from its founding team, management and enterprise investors.
Confirming the deal, Apax detailed that it would support Genius on its objective of becoming the global leader in distributing sports data and media rights, alongside developing technologies for regulated betting markets through its Betgenius division.
“The acquisition will see Apax provide its proven expertise in building world-class technology companies, as well as significant investment from its Funds to support Genius Sports Group’s growth plans.
This injection of capital will further strengthen the Genius Sports Group’s existing operations and allow it to pursue its international expansion strategy, both organically and through strategic acquisitions.”
Both parties have confirmed that Genius will continue to operate as an independent entity, with Mark Locke maintaining leadership of the firm.
In its June update, Genius revealed that it would significantly expand its North American operations, actively seeking opportunities targeting the liberalised US sports betting market.
Source: SBC News
