SBC News Voice of the Sports Betting Industry
Genius Sports has notified investors that private equity fund Apax Partners LLP has fully monetised its equity interest in the NYSE sports data, media rights, and technology supplier.
The announcement sees Apax conclude its six-year tenure as Genius Sports’ biggest investor/shareholder, in which the fund supported the “company through a period of transformational growth over the last six years.”
The period saw Apax back Genius Sports’ IPO on the NYSE in April 2021 and the firm’s subsequent M&A deals to boost its US media and sports betting technology units.
During Q1 trading, Genius Sports notified markets that Apax had begun to divest its 14.9% shareholding in the business, valued at approximately $230m (as of 31 March).
Proceedings saw Apax executive Gabriele Cipparrone resign from the Genius board, citing that the fund had concluded “one of its most successful investments, expanding from $85 million of revenue in 2018 to $413 million in 2023.”
Genius Sports has reorganised its board, electing Kenneth J. Kay as Chairman, the former CFO of MGM Holdings who replaced David Levy.
“Apax has been a tremendous partner to Genius Sports, and we are grateful for their valuable insight and expertise over the last six years,” said Mark Locke, Genius Sports Co-Founder and CEO.
“Today marks the conclusion of a very successful partnership, and we look forward to welcoming this next chapter with the ongoing support of our high-quality institutional shareholders.”
2024 trading sees Genius Sports target profitability on the NYSE, providing corporate guidance of Group Revenue of approximately $480m and Group Adjusted EBITDA of approximately $75m.
