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Tuesday, April 16, 2024
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Sportradar Going Public After Failed SPAC Merger

Sportradar/Design: Alex Brooks

After initially announcing plans to go public via SPAC merger in March, sports data provider Sportradar has filed for an IPO in the U.S. 

This follows its June withdrawal from the merger with Horizon Acquisition Corp. — backed by L.A. Dodgers co-owner Todd Boehly.

The Switzerland-based company listed the IPO size at $100 million, though that number is expected to change. When planning to go public via SPAC, both sides had agreed to bring the company to market at a $10 billion valuation.

Aside from losing exclusive NFL data rights to Genius Sports in April, Sportradar’s year has been rather successful.

  • July: Agreed to a five-year sports betting partnership with Bally’s
  • June: Announced a 10-year global partnership with the NHL
  • May: Bought InteractSport, a cricket-focused Australian sports data company
  • March: Entered an agreement to acquire college data provider Synergy Sports

Sportradar CEO and founder Carsten Koerl said that new betting markets like the U.S. are among “numerous” growth opportunities for the company. The global sports betting industry reached $203 billion last year.

JPMorgan Chase and Morgan Stanley are set to lead the public offering.

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