Sports data technology provider Genius Sports has confirmed that funds advised by Apax Partners no longer hold any shares in the company after selling its remaining equity interest in the business.
The Apax Funds acquired a majority stake in Genius Sports in September 2018 from founders, management and funds advised by Three Hills Capital Partners, supporting the company through a period of transformational growth over the last six years.
This included a successful public listing on the New York Stock Exchange in October 2020 through a business combination with special purpose acquisition company dMY Technology Group Inc. II, after which Apax Funds remained the largest single shareholder of the combined company.
Apax Funds reduced its holdings in Genius Sports through a secondary sale in early April, which led to Gabriele Cipparrone, who also serves as partner at Apax Partners, stepping down as an independent board member.
“Apax has been a tremendous partner to Genius Sports, and we are grateful for their valuable insight and expertise over the last six years,” said Genius Sports co-founder and CEO Mark Locke. “Today marks the conclusion of a very successful partnership, and we look forward to welcoming this next chapter with the ongoing support of our high-quality institutional shareholders.”
Shares in Genius Sports Ltd (NYSE:GENI) closed 1.65 per cent lower at $5.36 per share in New York Wednesday.