New York-listed sports data technology provider Genius Sports is seeking a new independent member for its Board of Directors to replace Gabriele Cipparrone.
Cipparrone currently serves as a partner at British private equity firm Apax Partners, and is resigning from Genius Sports’ Board effective 8 April.
This follows a reduction in holdings in Genius Sports by funds advised by Apax through a secondary sale on 1 April.
“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,” said Cipparrone. “I look forward to the continued success of Genius Sports, as the company capitalizes on its market-leading position and profitable growth.”
Cipparrone has served on Genius Sports’ Board since Apax Funds acquired a stake in the company in July 2018.
“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,” said Genius Sports CEO Mark Locke. “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.”
Genius Sports is currently undergoing a comprehensive search for additional highly qualified independent members of its Board.
Shares in Genius Sports Ltd (NYSE:GENI) were trading 2.69 per cent lower at $5.42 per share in early trading in New York Tuesday.