Genius Sports is on the hunt for a new board member following the resignation of Gabriele Cipparrone from its board of directors, effective April 8.
Cipparrone of Apax Partners has resigned following the reduction in Genius Sports holdings by Apax through a secondary sale on April 1.
Apax reportedly holds 14.9% in the NYSE technology group valued at approximately $230 million as of March 31.
In the release, Genius Sports thanked Cipparrone for his contribution to the board and for his “valuable insight and expertise” as the company went through a transformative growth period, expanding from $85 million of revenue in 2018 to $413 million in 2023.
“Gabriele, along with the entirety of the Apax team, have been tremendous partners over the six years since their investment and we thank them for the instrumental role they played in our growth and transformation,” said Genius Sports Chief Executive Officer Mark Locke.
Genius Sports reported corporate revenues of $412 million which represented a 21% increase year-on-year and exceeded the operator’s expected revenue guidance of $391 million. The technology group also halved its corporate losses to $83 million compared to a loss of $183 million in 2022.
“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,” added Cipparrone. “I look forward to the continued success of Genius Sports, as the Company capitalizes on its market-leading position and profitable growth.”
The operator confirmed that it is currently undergoing a search for independent members of its Board of Directors to replace those previously designated by representatives of Apax.
Genius Sports expand SIS deal
It has been a busy week for Genius Sports, as it also announced that it had expanded its distribution deal with SIS Content Services for the company’s esports products.
The latest update to the agreement means that Genius Sports will be able to offer SIS’ head-to-head Global Gaming League to its network of U.S. sportsbooks. The Global Gaming League features esoccer and ebasketball contests between professional gamers.
Currently SIS’ competitive gaming offering is live in New Jersey and Kentucky via bet365 and in Colorado through bet365 and Betsafe.
