Genius Sports closes merger with dMY Technology
New entity will begin trading on NYSE on Wednesday.
Sports betting data supplier Genius Sports Group on Tuesday said it has completed its previously announced business combination with dMY Technology Group, Inc. II.
The two formerly separate parties said the merger was approved at a special meeting of dMY II’s stockholders on April 16.
As of today, the new entity will be known as Genius Sports Limited.
On Wednesday, the company’s ordinary shares and warrants will begin trading on the New York Stock Exchange under the ticker symbols GENI and GENI WS, respectively.
Officials with Genius Sports said the company has more than $145m in cash and no financial 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 company said in a statement, noting its technology connects the sports, betting and media ecosystem by acquiring data from more than 240,000 sporting events around the world and suppling it to sports betting operators.
The company has long-term partnerships with more than 400 sports organizations globally, including the NFL, NBA, NCAA, FIBA, FIFA, EPL and NASCAR.
Mark Locke, CEO and co-founder of Genius Sports (pictured), called it “an exciting new chapter” in the company’s history.
“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,” Locke said in a statement.
Niccolo de Masi, CEO of dMY Technology Group, added, “The company benefits from a strong competitive moat and clear, promising growth opportunities that should drive compelling value for shareholders over the long-term.”
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