Tech firm Genius Sports has completed its $1.5 billion merger with dMY Technology Group, a special purpose acquisition company (SPAC). The dMY shareholders approved the deal April 16, which allowed the company to trade on the New York Stock Exchange under the ticker symbol GENI.
Genius comes to the table with “over $145 million in cash and no financial debt on the balance sheet.” Its goal is to tap into the phenomenon that is sports betting.
“Our merger with dMY 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,” Genius Sports CEO Mark Locke said in a statement to CNBC.
NFL and Genius finalized a four year agreement April 1 to provide official data rights. Genius will provide real-time play-by-play stats, the league’s “Next Gen Stats” as well as sports betting data feeds to media companies and sportsbooks.
The company also has partnerships with the NBA, MLB, NCAA and PGA. Top sportsbooks also use their data.
“With its proprietary technology, unparalleled access to data and growing network of partnerships, (Genius) is powering the global sports, betting and media ecosystem,” CEO Niccolo de Masi said.
