SIS did not disclose financial details of the deal but did state that the investment would give it access to a range of next generation technology products and services that will benefit its customers.
Racelab currently works with a number of international wagering businesses, delivering betting products such as Pro Form informatics and the Odds Engine technology suite, which generates real-time fixed odds pricing.
Racelab’s quantitative modelling platform measures runner performance using a globally standardised format for all racing codes, which is then applied with relevant upcoming race statistics to generate betting prices.
In line with the investment, SIS chief executive Richard Ames has become chair of Racelab.
“SIS’ international and digital presence has been growing steadily in the last few years and this partnership will allow us to kick on further and faster, adding a range of market leading products across our full portfolio of international horse and greyhound racing,” Ames said.
“The customer relationships built up by the Racelab team complement many of the relationships that have been worked on by SIS over the last few years.”
Eliot Forbes, who was appointed chief executive of Racelab as part of the investment deal, added: “We are excited to be working with Richard and the SIS team, particularly in the many international markets where there are great opportunities for the racing industry’s key stakeholders.
“Racelab’s technologies are transformative, enabling scale, accuracy and genuine innovation and partnering with SIS will allow Racelab to expand quickly and gain wide distribution for our services.”
Racelab founder and executive director, Shane Clarke, added: “Racelab has successfully introduced a range of products and services, principally to the Australasian market. I am delighted that this partnership with SIS extends the reach of our company to a genuinely global basis, and I am sure the relationship will prove to be extremely productive in a very short timescale.”