Genius Sports agrees $200m acquisition of Second Spectrum7th May 2021 7:29 am GMT
New York-listed Genius Sports has reached a definitive agreement to acquire data tracking and visualization solutions provider Second Spectrum.
Genius Sports will pay $200m in cash and shares to acquire the business, subject to customary adjustments, with the acquisition expected to complete during the second quarter of this year.
The companies said that the combination of Genius Sports’ existing products, network, and operational scale and Second Spectrum’s tracking and video augmentation products will create more valuable official sports data and drive fan engagement, providing a compelling experience that combines real-time data and analytics with innovative augmented video streaming and personalized content.
“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 utilizing AI tracking, enhanced data insights and transformative technology to revolutionize the sports data landscape for the fans, our customers and sports and media partners,” said Genius Sports CEO Mark Locke.
“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.”
Second Spectrum is the official tracking provider of the EPL, NBA, and MLS, using advanced AI capabilities and computer vision technology to capture precise ball and player location-based data. The company also has partnerships with ESPN, BT Sport, and Bally Sports to offer augmented reality features for select soccer and basketball games, as well as partnerships with leading sports franchises, including The Los Angeles Clippers, to provide new content and revolutionize the fan viewing experience.
“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.”
Shares in Genius Sports Ltd. (NYS:GENI) closed 7.33 per cent lower at $17.94 per share in New York Thursday.