Genius Sports Limited announced that Gabriele Cipparrone, partner at Apax Partners LLP (Apax), will resign from its Board of Directors effective 8 April 2024, following a reduction in holdings in Genius Sports by funds advised by Apax (Apax Funds) through a secondary sale on 1 April 2024.
Since the Apax Funds’ investment in Genius Sports in 2018, Mr. Cipparrone has provided valuable insight and expertise as the Company went through a transformative period of growth, expanding from $85 million of revenue in 2018 to $413 million in 2023.
“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. I look forward to the continued success of Genius Sports, as the Company capitalizes on its market-leading position and profitable growth,” Mr. Cipparrone said.
Mark Locke, Chief Executive Officer of Genius Sports, said: “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.”
Mr. Locke added: “We have spent the last three years as a public company working very hard to cultivate a remarkable group of public equity investors who we are proud to call shareholders in Genius Sports. With further liquidity in our stock, we look forward to continuing to attract and to retain the type of thoughtful and long-term shareholders we are fortunate to call our partners today.”
The Company is currently undergoing a comprehensive search for additional highly qualified independent members of its Board of Directors to replace those previously designated by representatives of Apax.
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