Apax Partners Fully Exits Equity Position in Genius Sports

Apax Partners LLP’ Funds (Apax Funds) have fully monetized their equity interest in the official data, technology, and commercial partner powering the global ecosystem that ties sports, betting, and media, Genius Sports Limited. 

Apax no longer holds any shares in the company that allows its technology to be used in more than 150 countries. 

Apax Funds Supported Genius Sports’ Growth

Six years ago, in September 2018, the Apax Funds acquired a majority interest in Genius Sports. 

Ever since, the funds have supported the trusted partner to over 400 sports organizations through an ongoing growth period.

The private equity firm announced it sold 20 million ordinary shares held in Genius Sports for an amount that has not been officially disclosed to the public. 

The company originally announced its plans to sell its shares in Genius Sports last September. This automatically led to a serious drop in the data giant’s share price.  

This year, in April, Apax Partners’ partner, Gabriele Cipparonne, bid farewell to the position that he held on Genius Sports’ board of directors.

As a director, Cipparrone helped Genius Sports boost its revenue from $85 million in 2018 to a whopping $413 million in 2023.

“Apax Has Been a Tremendous Partner to Genius Sports”

Genius Sports’ co-founder and chief executive officer, Mark Locke, took the opportunity to praise Apax’s influence on its success, acknowledging it as “a tremendous partner” to the company. 

Locked also expressed their gratitude for Apax’ “valuable insight and expertise over the last six years,“ while expressing their desire to welcome “this next chapter with the ongoing support of our high-quality institutional shareholders.” 

Genius Sports, which enjoys a unique positioning due to the stunning mix of state-of-the-art technology, scale, and global reach, marked a 14.5% rise in its adjusted EBITDA for the first quarter of 2024. 

The figure came despite the company solely recording a 23% year-on-year revenue growth. 

Genius Sports also reported in Q1 2023 a group net loss of $25.5 million, marking a 1.5% increase compared to the same quarter in 2023, despite the important revenue growth. 

Despite the minor setbacks, CEO Locke was pleased with the metrics, explaining the company had exceeded previous expectations.

Last May, the company that uses big data, augmented reality, computer vision, and machine learning to intertwine the entire sports ecosystem starting with rights holders and ending with fans announced it joined forces with the European League of Football.