Apax Global Alpha fund offloads remaining Genius Sports stake

11th Jul 2024 10:56

(Sharecast News) - Apax Global Alpha announced on Thursday that the Apax IX Fund, in which it is a limited partner, has sold its remaining shares in Genius Sports, a provider of sports data, content, and technology.

The FTSE 250 firm said the sale, along with prior distributions, delivered a total gross multiple on invested capital (MOIC) of 2.6x and a gross internal rate of return (IRR) of 31% for Apax IX.

For AGA, that translated to a total return of about €26m from its look-through investment in Genius Sports.

Genius Sports was acquired by Apax IX in September 2018, amid significant growth potential in sports data and technology.

Under Apax IX's ownership, Genius Sports expanded its international footprint, increased its headcount from over 1,000 to 1,800, and developed new technologies and services.

The company's revenue grew fourfold to $413m by 2023.

Apax's operational excellence practice supported various cost and technology initiatives, contributing to the growth.

In the first quarter of 2021, Apax IX partially exited its investment via a SPAC merger, listing Genius Sports on the New York Stock Exchange.

Founded in 2000, Genius Sports empowers sports leagues to capture, manage, and distribute live data and video, and provides secure, high-quality data and content to sports betting operators.

The company maintains long-term partnerships with major sports organisations, including the NBA, NCAA, FIBA, FIFA, the English Premier League, and NASCAR.

At 1045 BST, shares in Apax Global Alpha were down 0.02% at 154.97p.

Reporting by Josh White for Sharecast.com.