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London-based private equity firm Apax Partners has reduced its shareholding in Genius Sports, while board representative Gabriele Cipparrone (pictured) has resigned.

Cipparrone’s resignation will take effect on 8 April, following a significant reduction in Apax’s shareholding in the company.

Yesterday (1 April) Maven TopHoldings SARL, a fund advised by Apax, sold 10.4 million Genius Sports shares, valued at $59.4m.

Apax, whose funds acquired Genius from Three Hills Capital Partners in July 2018, retained ownership of the business until it went public on the New York Stock Exchange in 2022.

Cipparrone, a partner in Apax’s London office, played a key role in acquisition of Genius Sports at the time and has served on the supplier’s board since July 2018.

Genius Sports said Cipparrone has provided valuable insight and expertise as the company underwent a transformative period of growth, expanding from $85m of revenue in 2018 to $413m in 2023.

“Genius Sports has been an excellent investment for the Apax Funds, and as the company reaches the three-year anniversary of its successful public listing on the NYSE, I feel confident in its long-term financial and strategic position,” said Cipparrone. 

“I look forward to the continued success of Genius Sports, as the company capitalises on its market-leading position and profitable growth.”

Genius Sports CEO Mark Locke added: “Gabriele, along with the entirety of the Apax team, have been tremendous partners over the six years since their investment and we thank them for the instrumental role they played in our growth and transformation.”

He added: “We have spent the last three years as a public company working very hard to cultivate a remarkable group of public equity investors who we are proud to call shareholders in Genius Sports.

“With further liquidity in our stock, we look forward to continuing to attract and to retain the type of thoughtful and long-term shareholders we are fortunate to call our partners today.”

Genius Sports is currently undergoing a comprehensive search for additional highly qualified independent board members to replace those previously designated by representatives of Apax.

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