Home Finance Apax Partners sold remaining shares of Genius Sports

Apax Partners sold remaining shares of Genius Sports

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Apax Partners has sold the remaining shares of Genius Sports. The private equity firm was the previous largest shareholder.

Genius announced in a press release that Apax had fully monetised their equity stake in the company. It no longer owns any shares of the company. The financial details were not revealed.

Genius’ shares fell initially 2.4% after the announcement. Shares currently trade at $5.36 per share.

Apax shares sold after NYSE listing

Apax became involved in Genius Sports for the first time in July 2018 when it purchased a majority stake from Three Hills Capital Partners. Apax advised funds held the company for more than two years.

Genius’s shareholding was around 28% after it merged with dMY Technology Group, a special-purpose acquisition company in mid-2021.

Apax sold more shares in Genius, announcing in September 2023 that it would sell 20,000,000 for $120.8m. (PS93.8m/EUR111.4m). The sale represented more than 10% in total of Genius’s holdings at that time.

Apax sold more shares in the first quarter of this year. Its holding decreased from 31,000,0000 down to 20,000,000. All remaining shares were sold to existing and new shareholders.

Genius CEO hails “tremendous” partner

Mark Locke, Genius’ co-founder, CEO, and chairman, paid homage to Apax in his comments on the announcement, stating that the company was a “tremendous partner” to Genius over the past few years.

Locke stated that “we are thankful for their invaluable insight and expertise during the past six years.”

Today marks the end of an extremely successful partnership. “We look forward to this new chapter, with the continued support of our institutional investors.”

Genius 2024: High expectations

Genius has increased its forecasts for this year’s financial results. It now anticipates revenues of $500m with an adjusted EBITDA of $82m. This is more than the initial estimates, which were $480m and 75m respectively.

Genius announced a group revenue of $120.1m in Q1, an increase of 23.1% over the first quarter 2023, and 2.5% above previous estimates. The revenue from betting technology, content and services increased by 14% on an annual basis to $73.9m.

The net loss for the group was $25.5m, which is relatively unchanged from $25.2m during the first quarter 2023. Adjusted EBITDA was $7.0m and down 14.5% on the previous year, but above earlier guidance.

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