Following approval at a special meeting of the latter’s stockholders last week, official sports data and technology company Genius Sports Group has completed its previously announced business combination with dMY Technology Group Inc II.
The merged business is now known as Genius Sports Limited, and it will begin trading on the New York Stock Exchange today April 21 under the ticker symbols “GENI” and “GENI WS,” respectively.
The company said it is well positioned to capitalise on the significant growth anticipated in the global online sports betting industry, with over $145 million in cash and no financial debt on its balance sheet.
Exciting new chapter
Mark Locke, the company’s CEO and co-founder, explained: “As Genius Sports enters an exciting new chapter in its history, we are uniquely positioned at the heart of the world’s sports, betting and media ecosystem.
“Our merger with dMY II and listing on the NYSE are a testament to the enormous opportunity ahead of us as we leverage our unique scale, drive innovation and deliver products that help our partners create new and immersive experiences for sports fans around the world.”
Powering global sports
dMY Technology Group CEO Niccolo de Masi added: “With its proprietary technology, unparalleled access to data and growing network of partnerships, GSG is powering the global sports, betting and media ecosystem.
“What’s more, the company benefits from a strong competitive moat and clear, promising growth opportunities that should drive compelling value for shareholders over the long-term.”
As previously stated, Locke will continue to lead the company as CEO, backed by a strong team of executives with extensive expertise in finance, technology, and the sports betting industry.
Locke, Chairman David Levy, dMY II Chairman Harry You and CEO Niccolo de Masi, Apax Partners’ Albert Costa Centena, Gabriele Cipparrone, and Roxana Mirica, and Oakvale Capital’s Daniel Burns will make up the initial Board of Directors.
About 400 sporting organisations around the world have long-term relationships with Genius Sports, including the NFL, NBA, NCAA, FIBA, FIFA, EPL, and NASCAR.