north american investment sees sportradar value hit 2 4bn

north american investment sees sportradar value hit 2 4bn

by 10.07.2018 0 comments

Sportradar has unveiled two new strategic partners with the Canada Pension Plan Investment Board (CPPIB) and Silicon Valley-based growth equity firm TCV.

CPPIB, through its wholly owned subsidiary, CPP Investment Board Europe S.à r.l., and TCV will together acquire a stake in Sportradar at an enterprise value of 2.1Bn ($2.4) from private equity firm EQT and certain minority shareholders.

Carsten Koerl, Founder and CEO, will retain his entire ownership position in Sportradar and will continue to drive the group’s future development and growth. EQT will also reinvest a portion of its sale proceeds into Sportradar. Additional existing shareholders include Revolution Growth, Ted Leonsis, Michael Jordan, and Mark Cuban.

The CEO of Sportradar commented on the new deals: “CPPIB and TCV are both known for extensive global tech experience and a track record for working alongside innovative management teams to help achieve their long-term vision.

“Having two new investors with a strong North American footprint is ideal given our increasing focus and expanding operations in the U.S., as the sports industry evolves to meet the expectations of today’s sports fans. Sportradar will continue to develop best-in-class, integrity and technology- driven services as we expand into new market segments, and we’re excited to have such a strong team behind us.”

Ryan Selwood, Managing Director, Head of Direct Private Equity, CPPIB added: “The sports data market, particularly real-time data, is a compelling long-term investment opportunity, with strong growth driven by rising fan engagement, opening of new markets and increasing spend on digital sports content globally. We are excited to partner with Carsten and look forward to supporting his innovative vision for Sportradar by further investing into artificial intelligence and global expansion.”

John Doran, General Partner at TCV also spoke of the new partnership and the US Market: “Sportradar is a world-class sports data business that has maintained an impressive track record of delivering best-in-class technology solutions with a customer-centric approach. We look forward to working with Carsten and the team to take advantage of the developing U.S. market and drive the evolution of how sports content will be consumed in the future.”

“Through this investment, CPPIB is able to participate in a compelling global technology growth story alongside our new partners, including Carsten and TCV,” said Alain Carrier, Senior Managing Director and Head of International, CPPIB. “We are thrilled to have the opportunity to work with Sportradar’s management team as they drive the company forward across new customer segments and geographies.”

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