SBC News Voice of the Sports Betting Industry
Genius Sports has informed investors that it will review the membership of the board of directors of the NYSE-listed sports, media, data rights, and technology group following the resignation of Gabriele Cipparrone.
Effective from 8 April, Gabriele Cipparrone of the London-based private equity fund Apax Partners will resign, leaving Genius Sports’ board without a representative from Apax. The decision follows a reduction in holdings in Genius Sports by funds advised by Apax through a secondary sale on 1 April 2024.
An investor of Genius Sports since 2018, Apax is reported to hold a shareholding of 14.9% in the NYSE technology group valued at approximately $230m (as of 31 March).
Genius thanked Cipparrone for his contribution to the board, who “provided valuable insight and expertise as the Company went through a transformative period of growth, expanding from $85 million of revenue in 2018 to $413 million in 2023.”
Apax detailed Genius Sports as one of the PE fund’s most successful investments, completing its successful NYSE listing in April 2021. Cipparrone commented, “I look forward to the continued success of Genius Sports, as the Company capitalizes on its market-leading position and profitable growth.”
The board of Genius Sports will undertake a comprehensive search for additional highly qualified independent members of its Board of Directors to replace those previously designated by representatives of Apax.
2024 trading sees Genius Sports target profitability on the NYSE, providing a corporate guidance of Group Revenue of approximately $480m and Group Adjusted EBITDA of approximately $75m.
CEO Mark Locke praised Apax’s contribution, stating: “Gabriele, along with the entirety of the Apax team, has been tremendous partners over the six years since their investment, and we thank them for the instrumental role they played in our growth and transformation.”
“We have spent the last three years as a public company working very hard to cultivate a remarkable group of public equity investors who we are proud to call shareholders in Genius Sports. With further liquidity in our stock, we look forward to continuing to attract and to retain the type of thoughtful and long-term shareholders we are fortunate to call our partners today.”
