Leading sports data provider Genius Sports has acquired Second Spectrum to complement its portfolio and build a tech-driven sports product.
Deeper Data Solutions Now Possible Through Second Spectrum Acquisitions
Genius Sports has entered into a definitive agreement with Second Spectrum, a leading provider of data tracking and visualization technology, with Genius acquiring the full assets of the latter. Thanks to this move, Genius complements its offer creating what it describes as “a complete end-to-end offering for the sports, betting and media ecosystem.”
The deal has been settled at $200 million as per the press release, and it’s subject to customary adjustments with the payout carried out in both cash and Genius Sports stock. The deal should be completed by the end of the second quarter of the year.
Genius Sports CEO Mark Locke welcomed the news and said that Genius Sports was excited to be acquiring Second Spectrum as the company’s unique products would allow reaching Genius’ own stated goals in utilizing AI tracking, data insights, and other transformative technology leading to even more profound changes for the sports data landscape.
“Adding additional fan engagement technology to our already diverse and cutting-edge portfolio of products and services will create compelling, unique content that will transform user experiences and create additional revenue streams for our customers,” Locke concluded.
Founded in 2013, Second Spectrum has held a leadership position in leveraging Artificial Intelligence (AI) in sports, tracking statistics in real-time, and using various analytics and data visualizations to create compelling products that benefit consumers and businesses.
Thanks to the company’s advanced tracking model, stakeholders can obtain insights into sports contests right away and drive better engagement for operators and other parties. Genius already expects to see benefits that the company hopes would be reflected in the first-quarter earnings call, which will be boosted by the recent $1.5 billion dMY Technology II merger nevertheless.
Genius is confident that Second Spectrum’s technological capabilities will lead to advanced and data-driven insights for partners worldwide. The company sees the utility value of Second Spectrum’s assets for anyone from major sports leagues to betting operators to teams, fans, coaches, and broadcasting sponsors.
Genius Sports is committed to building a well-rounded product that encompasses and brings together three main verticals, including sports, wagering, and media, which has already been the case around the country with Fox Sports and Sinclair, but others too.
Bringing Both Companies’ Product Portfolio Together
Second Spectrum will also put forward its innovative track and video augmentation solutions to drive more worthwhile and engaging products for Genius Sports as part of the company. Moreover, the company already has strong ties with some of Genius’ partners, thus complementing the client base and range of operations.
Genius Sports’ official data partnerships span over 400 organizations in sports, including all major sports franchises, such as the NFL, MLB, NCAA, and EPL, to name a few, but Second Spectrum can add to that by bringing the MLS and NBA on board as well.
Second Spectrum already works with BT Sport, Bally Sports, and ESPN, bringing an important media boost for Geniu9s Sports. Second Spectrum CEO Rajiv Maheswaran joined the conversation and said that his company’s goal had always been to make sure it remains at the forefront of sports data innovation, something that now seems feasible under the Genius Sports’ banner.