Sports data and analytics company Sportradar has reportedly abandoned its ambitions to go public in collaboration with SPAC Horizon Acquisition Corp. II.
As reported by Sportico, the sports data provider will instead pursue a traditional Initial Public Offering (IPO) route to going public, according to ‘people familiar with the matter’.
Switzerland-based Sportradar initially agreed on a letter of intent to merge with Horizon in March of this year, valuing the sports data firm at $10 billion.
Carsten Koer, Chief Executive and Founder of Sportradar, was expected to retain his position as Chief Executive of the newly created public company.
However, Sportico has noted that the market for SPACs has ‘dried up’ since the initial signing of the agreement three months ago, whilst both Sportadar and Horizon extended the negotiating window last month in order to continue conversations with investors.
Having first pursued the prospect of going public in July 2020, Sportradar will – according to Sportico – now take the aforementioned IPO route to achieve its goal.
Despite abandoning its SPAC ambitions, Sportradar has still been able to successfully achieve substantial growth in recent months.
The firm’s Integrity Services have been utilised by a range of sports clubs and organisations, with the Austrian Football Federation (ÖFB) the latest to leverage the offering.
Meanwhile, the New York Jets and Baltimore Ravens of the National Football League (NFL) have enlisted the company to maximise sponsor performance and unlock new marketing initiatives.
In addition to sports teams and bodies, Sportradar has also enhanced its portfolio of media partners, striking an agreement with NBC Sports Regional Networks to better support fan engagement via an enhancement of live game coverage.