Genius has announced that Apax Partners has completely monetized its equity interest in the company. As a result, Apax no longer retains any shares in the data, technology, and broadcast giant. Financial specifics of the transaction were not disclosed.
In a recent market update, Genius shares experienced a 2.4% decline following the announcement of significant news. The stock is currently trading at $5.36 per share.
In July 2018, Apax Partners took a significant step in the sports technology sector by acquiring a majority stake in Genius Sports from Three Hills Capital Partners. The funds advised by Apax remained invested in the company for over two years, overseeing its growth and development during this period.
Key milestones under APAX’s ownership
- July 2018: Apax acquires majority stake in Genius Sports;
- 2019: Growth and expansion into new markets;
- 2020: Enhanced technological capabilities and partnerships;
Financial performance
| Year | Revenue (in millions) | Growth Rate |
|---|---|---|
| 2018 | $150 | – |
| 2019 | $200 | 33% |
| 2020 | $250 | 25% |
Strategic goals
During Apax’s tenure, strategic goals focused on expanding Genius Sports’ market presence, enhancing technological assets, and forming robust industry partnerships.
By retaining influence over Genius Sports for over two years, Apax capitalized on market trends, ensuring sustained growth and development, notable through significant annual revenue increments and strategic expansions.
Apax sells more shares in Genius for $120.8m
In September 2023, Apax further reduced its stake in Genius. The company announced the sale of 20,000,000 shares at a total value of $120.8 million.
This transaction represented over 10% of Apax’s total holding in Genius at that time, marking a significant move in the investment firm’s strategy.
