Genius Sports, a data and tech partner that powers the global ecosystem connecting sports, betting and media, announced the departure of Apax Partners partner Gabriele Cipparrone from its board of directors. The director’s exit comes in the wake of a reduction in holdings in Genius Sports by Apax Funds through a secondary sale on April 1.
Cipparrone will officially leave the former company’s board on April 8, ending his time with the sports technology provider. He has provided Genius Sports with valuable advice ever since Apax Funds’ investment in the company in 2018.
As a director, Cipparrone assisted Genius Sports throughout its transformative growth period, helping it bolster its revenue from $85 million in 2018 to $413 million in 2023.
As a result of Apex Funds’ decision to reduce its holdings in Genius Sports, the latter company is currently on the lookout for new board members to replace the positions previously occupied by representatives of Apax.
Genius Sports Is in a Stronger Position than Ever
Cipparrone commented on his exit, commenting on his time with the company. He described Genius Sports as an “excellent investment” for Apax Funds and praised the supplier for the three-year anniversary of its public listing on the NYSE.
Cipparrone expressed confidence in Genius Sports’ business and wished the company all the best.
I look forward to the continued success of Genius Sports, as the Company capitalizes on its market-leading position and profitable growth.
Gabriele Cipparrone
Genius Sports’ chief executive officer, Mark Locke, thanked Cipparrone for his contributions, noting that he and the Apax team have been “tremendous partners” to his company over the six years since their investment. Locke thanked Apax Funds for its contributions and instrumental role in Genius Sports’ growth journey.
Locke 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.
Mark Locke, CEO, Genius Sports
In other news, Genius Sports just announced the launch of a suite of F2P games to address the customer acquisition and loyalty challenges facing betting operators.
Earlier, the company also signed an extension of its deal with Football DataCo.