Betgenius owner targets North America data market with Apax deal
Genius Sports Group has set its sights on further expansion in the North American sports data market and other key regions around the world after it agreed a deal to be acquired by private equity firm Apax Partners.
Terms of the agreement have not been disclosed, but Apax said that it expects to complete the acquisition before the end of the third quarter.
Genius is currently active in the sports data, sports media and regulated sports betting sectors, with its Betgenius brand providing technology to more than 150 licensed sportsbook operators in regulated markets worldwide.
Apax intends to use its expertise to further strengthen the existing operations at Genius, as well as “provide significant capital to pursue” international expansion plans both organically and through strategic acquisitions.
Upon closure of the acquisition, the Genius management team is due to remain in place and retain a minority stake in the company.
Mark Locke (pictured), chief executive of Genius, said: “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.
“Our company’s values are founded on integrity, intelligence and innovation so it was critical for us to choose a long-term investment partner that embodies these principles and understands our vision.”
Apax has been active in the gaming industry for some time, having previously invested in King, the company behind the hugely successful ‘Candy Crush Saga’ title.
In addition, Apax was part of a group that owned Italian gaming and payments operator Sisal Group, before it was sold off to CVC Capital Partners.
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.”