Genius Sports Group, the company formerly known as Betgenius, has closed a debt partnership with private equity firm Three Hill Capital Partners (THCP) which will see a total of £10m invested in the business.
The funds will be comprised of a combination of debt and equity to help Genius Sports diversify its product range, fund entry into new markets and finance strategic acquisitions.
THCP is a European investment group that Genius describes as its "ideal" partner, saying that it fundamentally recognises the supplier’s culture and dynamics, creating a model that will suit the group’s long-term vision.
Last week the supplier restructured as Genius Sports Group, with Betgenius as a subsidiary brand, which it describes as more accurately reflecting the diversity of its product range.
Betgenius remains focused on developing B2B sports betting solutions for operators, while a second division will focus on data capture and distribution handles, as well as providing monitoring and analytics solutions to clients.
This segment will include Sport Integrity Monitor, the company’s integrity service that it provides to leagues, federations and world governing bodies across a range of sports, and Genius Sports’ second major product.
“We are delighted to welcome on board Three Hills Capital Partners,” Genius Sports chief executive Mark Locke said. “Their investment will help take Genius Sports Group to the next level, particularly with our plans to grow further internationally and extend our business verticals.
THCP partner Leks de Boer said the investment in Genius Sports was testimony to his business’ partnership strategy, striking long-term, flexible deals.
“The management team is the perfect fit to the circle of entrepreneurs we want to support, a skilled, driven and proactive team strategically looking to take advantage of the market situation,” de Boer said.
THCP founder Mauro Moretti added that the deal was the latest step in the private equity vehicle’s strategy to enter the UK market.
“Backing a leading player, in the hands of an experienced and driven management team and operating in a high-growth market, represents a unique opportunity for us. The sector’s increasing regulation will with no doubt leave as winners the most internationally established and best technically prepared players such as Genius Sports Group, and create consolidation potential in the near future.”
Locke predicts that his company will gain a stronger presence in a number of key regions such as North and South America, while also examining acquisition opportunities and adding new clients and products to its portfolio.
“The future continues to look positive for the Group and we have aligned our objectives to match anticipated movements in both the sports and betting industry sectors,” Locke said. “The investment from Three Hills Capital Partners allows us to meet our goals much faster than would otherwise have been possible."