Apax Global Alpha (AGA) has announced that The Apax IX Fund, in which AGA is a limited partner, has sold its remaining shares in Genius Sports Limited, which it describes as a leading provider of sports data, content, and technology powering the global sports, betting, and media ecosystem. AGA says that, including prior distributions, this transaction will deliver a total gross multiple on invested capital MOIC of 2.6x and a gross IRR of 31% for Apax IX. It adds that, on completion of the transaction, and taking into account prior distributions, AGA’s look-through investment in Genius Sports will have returned a total of c.€26m.
Founded in 2000, Genius Sports’ technology empowers sports leagues to capture, manage, and distribute live data and video. It maintains long-term partnerships with sports organisations globally, including the NBA, NCAA, FIBA, FIFA, the English Premier League, and NASCAR.
Apax IX acquired Genius Sports in September 2018 and, during its ownership, Apax supported the Founder and CEO Mark Locke’s efforts to expand the company’s international footprint and develop innovative new technologies and services, driven by an increase in headcount of over 1,000 people to 1,800 in 2023. Apax also supported the company on several cost and technology initiatives, helping Genius Sports to grow revenues by 4x to US$413m in 2023. In the first quarter of 2021, Apax IX partially exited its investment in Genius Sports via a SPAC merger, listing the Company’s shares on the New York Stock Exchange.
The Apax Funds have a strong track record of investing in the software subsector and have invested over $9bn of equity in 30 deals in the last 23 years. AGA provides investors with access to the Apax Private Equity Funds and a smaller portfolio of mostly debt investments. In 2016, AGA made a commitment of c.US$350m to Apax IX.
