Home In-Depth Genius share prices down 10% after Apax sales of $121m

Genius share prices down 10% after Apax sales of $121m

by Bela Ksovreli
Published: Last Updated on 443 views 2 minutes read

Apax Partners LLP will be selling 20,000,000 shares of Genius Sports. Apax Partners LLP is one of Genius Sports major shareholders.

Goldman Sachs & Co., the underwriters of the sale, has the option to purchase an additional 3,120,000 shares, worth 18,120,000 dollars. After 30 days, the option expires.

As of the close of business on September 13, 2012, this stock is valued at $120.8m.

Genius has 216 627 899 shares. The shares shown on this table represents just under 10%.

Genius shares have fallen by 10.2% since the opening of trading following the announcement. Supplier will not be receiving any proceeds.

A former owner decides to sell stocks

Apax, the former owner of the provider, purchased it from Three Hills Capital Partners on July 18, 2018.

The funds advised by Apax held the company for more than two years before Genius went public at the New York Stock Exchange through an agreement with the special-purpose acquisition company dMY Technology Group.

Genius reports strong revenue growth for Q2

This sale comes on the heels of a record Q2 revenue for Genius. The division responsible for betting technology drove overall growth. The revenue for this three-month span was $86.8m. This is up by 22.1% compared to the prior year.

Business growth was attributed to improvements made in the event segment, and an increase of business from existing customers.

Genius has announced yesterday (13th September) a new partnership between Snap, the parent company of Snapchat.

The NFL Official League data will be used to power Snap’s Snapchat Lenses. Genius is an official distributor for the NFL’s Next Gen Stats and official league statistics.

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