Apax Partners Exits Genius Sports, Sells Over 20 Million Shares

Recently, Apax Partners LLP Funds fully monetized their equity interest in Genius Sports Limited. Apax no longer holds any shares in Genius Sports which has technology that is used in over 150 countries. It’s no secret that Apa’s funds helped Genius Sports grow. In September 2018, Apac Funds acquired a majority interest in Genius Sports. Since their partnership, Apax and Genius have worked with over 400 sports organizations. Their portfolio continues to grow.

Apax announced they sold $20 million in ordinary shares they held of Genius Sports. The amount in which they received has not been disclosed to the public yet. Last September, Apax originally announced its plans to sell its shares. This led to an almost automatic drop in their share price. As director of the board of Genius Sports, Gabriele Cipparonne helped them boost their revenue from $85 million in 2018 to $413 million in 2023.

Apax has been invaluable to the growth of Genius Sports since 2018

Mark Locke is the CEO and co-founder of Genius Sports. He recently thanked Apax for the success they brought to Genius during their partnership together. Locke noted that Apax provided valuable insight and expertise over the last six years. While they enjoyed their time with Apax, Genius Sports is ready for the next chapter while keeping their industry stakeholders in mind. Genius Sports offers a mix of state-of-the-art technology, scale, and global reach. Over the first quarter of 2024, Genius had a 14.5% rise in its adjusted EBITDA. That number came despite a 23% year-over-year revenue growth.

Additionally, Genius announced a group net loss of $25.5 million in Q1 of 2023. That was a 1.5% increase compared to the game quarter a year prior. Despite those small setbacks, CEO Mark Locke has been pleased with the metrics he’s seen. Locke explained that the company had exceeded his previous expectations.