Genius Sports In $200m Acquisition Of Second Spectrum
Genius Sports has announced a definitive agreement to acquire data tracking and visualisation company Second Spectrum in a $200 million (£144 million) deal.
Founded in 2013, Second Spectrum is now a fully-integrated sports AI provider, offering tracking, analytics and data visualization services, allowing users to automatically index action on the court, pitch, or field almost in real time.
Genius confirmed that the ‘aggregate purchase price’ for the acquisition will be $200 million, subject to customary adjustments, and will be paid at closing in cash and shares of Genius Sports common stock. It is expected to be formalised in the second quarter of 2021.
The London-based sports data company says the combined offering of its existing products and ‘operational scale’ with Second Spectrum’s tracking and video augmentation products will create ‘richer, more valuable official sports data’
“Genius is committed to capturing and distributing the fastest, most accurate and secure official sports data,” said Mark Locke, CEO, Genius Sports.
“This acquisition supports our long-term strategic vision of utilizing AI tracking, enhanced data insights and transformative technology to revolutionize the sports data landscape for the fans, our customers and sports and media partners.
“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. We are delighted to welcome Rajiv and his team to the Genius Sports family.”
Rajiv Maheswaran, CEO, Second Spectrum, added: “We are thrilled to join the Genius Sports family.
“Mark and his incredible team have built the fastest growing sports data platform on the planet by better serving sports leagues, fans and their partners by leveraging technology in novel and compelling ways. Second Spectrum’s mission to be at the forefront of innovation in the sports ecosystem in combination with the scale and drive of Genius Sports will rapidly accelerate how content is created and experienced and bring significant value for our partners and clients.”
Genius Sports recently closed its merger with private equity company dMY II, valuing the company at $1.5 billion (£1.1 billion).
