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London-based private equity firm Apax Partners has fully divested its equity stake in Genius Sports.

The supplier said funds advised by Apax Partners have completely monetised their interest in the sports data and technology company and are no longer holding any shares.

The Apax funds first acquired a majority interest in Genius Sports in September 2018, taking over from Three Hills Capital Partners.

The firm retained ownership of the company until it went public on the New York Stock Exchange in 2022.

Genius said the Apax funds have supported the company through a period of “transformational growth” over the last six years.

“Apax has been a tremendous partner to Genius Sports, and we are grateful for their valuable insight and expertise over the last six years,” said Genius Sports co-founder and CEO Mark Locke (pictured).

“Today marks the conclusion of a very successful partnership, and we look forward to welcoming this next chapter with the ongoing support of our high-quality institutional shareholders.”

Leadership and transition

Earlier this year, Apax Partners reduced its shareholding in the company, while Gabriele Cipparrone, a partner in Apax’s London office, stepped down from the Genius Sports board.

Cipparrone played a key role in the acquisition of Genius Sports in July 2018 and had served on the board since then.

“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,” Cipparrone said at the time of his departure.

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

In June, Genius Sports appointed former Las Vegas Sands CFO Kenneth J. Kay to head its board as chair.

He took over from David Levy, who had served in the position since April 2021.

In addition, Claire Valoti, former vice president of international at Snap, joined the Genius board as an independent director.

In Q1 2024, Genius reported $119.7m in revenue, representing a 23.1% year-over-year increase.

Following these strong results, Genius has updated its FY24 revenue guidance to $500m, and expects to generate EBITDA of $82m over the full year.

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