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Apax Partners sells remaining shares in Genius Sports

July 11, 2024
in Entertainment
Apax Partners sells remaining shares in Genius Sports
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Apax Partners, the private equity advisory firm that was previously the largest shareholder in Genius Sports, has sold its remaining shares in the business.

Genius confirmed in a statement that Apax has fully monetised its equity interest in the business. As such, it no longer holds any shares in the data, technology and broadcast company. Financial details of this were not disclosed.

The price in Genius shares initially fell 2.4% when the news was announced. Shares are currently trading at $5.36 each.

Apax first got involved with Genius Sports in July 2018, purchasing a majority holding from Three Hills Capital Partners. Funds advised by Apax kept hold of the business for over two years.

Its holding was reduced to around 28% when Genius listed on the New York Stock Exchange after its combination with special purpose acquisition company dMY Technology Group in mid-2021.

Apax went on to sell more of its holding in Genius in September 2023 when it announced it was selling 20,000,000 shares for $120.8m (£93.8m/€111.4m). This accounted for more than 10% of the total holding in Genius at the time.

Further sales occurred in Q1 this year, as Apax dropped its holding from 31,000,0000 to 20,000,000. The remaining shares have now been sold off to new and existing shareholders.

Genius CEO hails “tremendous” partner

Commenting on the news, Genius co-founder and CEO Mark Locke paid tribute to Apax, noting the company had been a “tremendous” partner to Genius in recent years.

“We are grateful for their valuable insight and expertise over the last six years,” Locke said.

“Today marks the conclusion of a very successful partnership. We look forward to welcoming this next chapter with the ongoing support of our high-quality institutional shareholders.”

High hopes for Genius in 2024

In May Genius increased its financial forecast for the current full year, as it now expects revenue to hit $500m, with adjusted EBITDA at $82m, which is up from initial estimates of $480m and $75m, respectively.

This followed Genius announcing group revenue of $120m for Q1, up 23.1% on the first quarter of 2023 and 2.5% greater than prior estimates. Betting technology, content & services revenue was up 14% year-on-year to $73.9m.

Group net loss of $25.5m was relatively level from $25.2m in the first quarter of 2023. In terms of adjusted EBITDA, this hit $7.0m, down 14.5% year-on-year but exceeding earlier guidance of $6m.

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