Trading can begin
Genius Sports Group is all set to start trading on the New York Stock Exchange (NYSE) today after completing a merger with special purpose acquisition company dMY Technology Group Inc. II (dMY II).
Genius will begin trading on Wednesday under the ticker symbols GENI and GENIWS
The SPAC’s stockholders approved the merger on April 16, with the freshly combined business taking the name of Genius Sports Limited. Genius begins trading on Wednesday under the ticker symbols GENI and GENIWS, going public with a valuation of $1.5bn.
The sports data technology company announced the completion of the merger on Tuesday with a short video on its Twitter page:
In a company statement, Mark Locke, CEO and co-founder of Genius Sports, described the merger and listing as “an exciting new chapter.” He said the deal will allow Genius to “leverage our unique scale, drive innovation and deliver products that help our partners create new and immersive experiences for sports fans around the world.”
A fresh look for Genius
The announcement of Genius Sports’ merger with dMY II earlier this month prompted some changes in the company. The business discontinued its Genius Sports Media and BetGenius brands. It said the consolidation reflects the convergence of its capabilities in sports technology, live data, video, and betting products.
Mark Locke will remain in his role as CEO of the joint business
The merger has also resulted in a management shift, with a new board of directors to take over the company. This will include Genius chair David Levy and dMY II CEO Niccolo de Masi. Mark Locke will remain in his role as CEO of the joint business.
In a statement on its website, Genius also noted its beneficial financial position following the merger, boasting more than $145m in cash and no debt on its balance sheet. “Genius Sports is poised to continue to capitalize on the considerable growth expected in the global online sports betting market,” the tech business affirmed.
An expanding data empire
Genius Sports first began operations two decades ago under the name Betgenius. From 2018, the company saw significant growth after a takeover by private equity firm Apax Funds. It now provides data to sportsbooks on more than 240,000 events each year, serving as the official provider to over 150,000 of them.
The tech firm also maintains long-term partnerships with more than 400 sports organizations, including the NBA, NCAA, and NASCAR. Perhaps most notably, Genius Sports recently sealed a four-year data rights agreement with the NFL. As per the deal announced on April 1, Genius will distribute real-time play-by-play stats via its Next Gen Stats (NGS) technology.
Access to data from sports events across the globe has allowed Genius to also build partnerships with various sportsbook operators. These include BetMGM, FanDuel, DraftKings, William Hill, and PointsBet. Most recently, the company signed a multi-state data partnership with WynnBET in February this year.