BUSINESS

Genius Sports Group, Nektan secure additional investment

TAGs: BetGenius, Genius Sports Group, Nektan PLC

genius-sports-group-nektan-secure-additional-investmentGenius Sports Group, the new parent company of Betgenius and Sport Integrity Monitor, has closed a debt partnership with private equity firm Three Hills Capital Partners (THCP).

Under the deal, THCP will invest £10m in the new company through a combination of debt and equity to help Genius Sports diversify its product range, strengthen its growth plans into new territories and finance strategic acquisitions.

Sports betting technology provider Betgenius and its Sport Integrity Monitor service announced that it was to restructure and rebrand its business with the launch of the new parent company.

Betgenius said the new company has been created in order to better reflect the range of services that it offers.

“The investment in Genius Sports Group marks another step in THCP’s development into the UK market,” said THCP founder Mauro Moretti. “Backing a leading player, in the hands of an experienced and driven management team and operating in a high-growth market, represents a unique opportunity for us.”

“We are delighted to welcome on board THCP; their investment will help take Genius Sports Group to the next level, particularly with our plans to grow further internationally and extend our business verticals,” added Mark Locke, chief executive of Genius Sports Group. “We have an aggressive growth strategy, which will see our business gain a stronger presence in a number of new territories and markets, including North and South America.

Nektan adds £2.75m to its corporate funds

B2B mobile gaming content developer and platform provider Nektan has raised an additional £2.75m through the issue of £2.39m of Convertible Loan Notes and a placing of 232,258 new shares of £0.01 each. Net proceeds will be used to support Nektan’s overall growth strategy and to maintain strong momentum in key markets.

Nektan seeks further expansion in the US market, having agreed to partnerships with US tribal and commercial casinos through joint venture Respin, which has gained the firm 12 casino partnerships.

“Respin, our US joint venture, is continuing to build on its strong momentum as it accelerates the addition of new contracts with casino partners for Xtraspin wheels.  Slot machines fitted with our Xtraspin wheels are generating revenue “coin in” uplifts in excess of 30% for our casino partners. This additional funding, which attracted a number of new investors as well as the continuing support of existing shareholders, will be used principally to help Respin further capitalise on its first mover advantage, said Nektan Chairman Gary Shaw.“The Company continues to see strong quarterly growth across all key performance indicators as Nektan maintains its progress and strong momentum in our key markets in Europe and the US.”

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