Continuing its expansion as a newly NYSE-listed enterprise, Genius Sports has entered into a definitive agreement to acquire data tracking and visualisation company Second Spectrum, for an aggregate price of $200 million.
Through the transaction, which is expected to be completed in the second quarter of 2021, the London-based sports data and technology firm aims to ‘create a complete end-to-end offering for the sports, betting and media ecosystem’.
Founded in 2013, Second Spectrum has established itself as a leading, fully integrated sports AI provider, offering tracking, analytics and data visualisation services, utilising its technology for clients to automatically index action on the court, pitch or field.
The company’s advanced player tracking technology allows teams, leagues, media and data partners to gain real-time insights, driving deeper levels of engagement, serving as the official tracking provider to the English Premier League, National Basketball Association (NBA) and Major League Soccer (MLS).
Meanwhile, Second Spectrum also maintains partnerships with major media outlets and broadcasters ESPN and BT Sport, along with Bally Sports.
“We are thrilled to join the Genius Sports family,” said Second Spectrum CEO, Rajiv Maheswaran. “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.“
Furthermore, the firm uses AI capabilities and computer vision technology to capture precise ball and player location-based data, offering augmented reality features for certain soccer and basketball fixtures.
Marking Genius’ second purchase in the space of a week, following the acquisition of FanHub, Second Spectrum’s client base will build on Genius Sports’ official data partnerships with over 400 sports organisations.
Genius Sports CEO, Mark Locke, added: “Genius is committed to capturing and distributing the fastest, most accurate and secure official sports data. This acquisition supports our long-term strategic vision of utilising AI tracking, enhanced data insights and transformative technology to revolutionise 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.”
The takeover will be paid in cash and Genius common stock shares upon closing of the agreement, subject to customary adjustments and closing conditions.