Some changes are underway at the executive level at Genius Sports with Gabriele Cipparrone set to resign from the company’s Board of Directors later this month.
Cipparrone vacated his position on 8 April 2024 after Apax Partners LLP, where is a partner, reduced its holdings in the London-headquartered sports technology and data firm.
Genius has highlighted Cipparone’s contribution to the company over the past six years, however, in the time since Apax’ investment. The firm has experienced a significant period of growth during this time, it was keen to highlight.
Mark Locke, CEO of Genius Sports, said: “Gabriele, along with the entirety of the Apax team, have been tremendous partners over the six years since their investment and we thank them for the instrumental role they played in our growth and transformation.
“We have spent the last three years as a public company working very hard to cultivate a remarkable group of public equity investors who we are proud to call shareholders in Genius Sports.
“With further liquidity in our stock, we look forward to continuing to attract and to retain the type of thoughtful and long-term shareholders we are fortunate to call our partners today.”
Since Apax’ first investment Genius revenue has increased significantly in line with a global expansion of its operations. The group’s revenue at the end of 2018 was $85m, whilst its last financial accounts revealed income of £413m for the whole of 2023.
The company is one of the global leaders in sportstech and data, having secured partnerships with some of the world’s biggest sports leagues and bookmakers.
Some of the firm’s sporting partners include the NBA, with which it signed an analytics partnership last year via its Second Spectrum subsidiary, and the Premier League.
In the case of the latter, the firm is the exclusive data partner of the tournament through a deal with FootballDataCo. This also covers the English Football League (EFL) and Scottish Professional Football League (SPFL).
Cipparrone remarked: “Genius Sports has been an excellent investment for the Apax Funds, and as the company reaches the three-year anniversary of its successful public listing on the NYSE, I feel confident in its long-term financial and strategic position.
“I look forward to the continued success of Genius Sports, as the company capitalises on its market-leading position and profitable growth.”
