Genius Sports has completed its combination with dMY Technology II and will go public on the New York Stock Exchange.
The sports data technology company Genius Sports Group (GSG) has completed its combination with the special purpose acquisition company (SPAC) dMY Technology Group Inc. II that will allow the data company to trade on the New York Stock Exchange (NYSE).
Genius and dMY’s combination
GSG’s deal with dMY, which was first announced in October 2020, was approved at a meeting of the SPAC’s shareholders on 16 April. As the combination has been approved GSG will now become Genius Sports Limited.
From today (21 April) Genius will begin trading on the NYSE under the GENI ticker symbol and its warrants as GENI WS. The combined operation will go public with a valuation of $1.5bn.
Mark Locke, Chief Executive Officer and Co-Founder of Genius Sports, said: “As Genius Sports enters an exciting new chapter in its history, we are uniquely positioned at the heart of the world’s sports, betting, and media ecosystem.
“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.”
Niccolo de Masi, Chief Executive Officer of dMY Technology Group, said: “With its proprietary technology, unparalleled access to data, and growing network of partnerships, GSG is powering the global sports, betting and media ecosystem.
“What’s more, the company benefits from a strong competitive moat and clear, promising growth opportunities that should drive compelling value for shareholders over the long-term.”
dMY II was formed by US wagering and tech investors Niccolo De Masi and Harry You with the intention of securing a minimum of $300m in pre-IPO financing to guarantee Genius’ listing on the NYSE.
Genius cited its several partnerships with over 400 sports organisations as well as its recent deal with the NFL, as examples of its successful technology platform.
With the completion of the combination, a new board of directors will take over for the business. This will include Genius chairman David Levy and dMY II CEO Niccolo de Masi.
In January, Genius announced the formation of Galileo NewCo, a new holding company for its combination with dMY II. The SPAC will also become a subsidiary of Galileo.
Earlier this month, GSG announced it would be discontinuing its brands Genius Sports Media and BetGenius and the solutions would be rehomed under the Genius Sports umbrella.
What has Genius been up to?
In the lead up to the completion of its combination with dMY, Genius has been hard at work to expand its presence in the US sports betting space.
Earlier this year, Genius inked an exclusive data partnership with Superstar Racing Experience (SRX), a new motorsports racing series founded by NASCAR Hall of Famers, Ray Evernham and Tony Stewart.
In January, Genius was also awarded sports betting supply licences from the Michigan Control Board and the Virginia Lottery. This paved the way for Genius to power sportsbook and marketing operations for licensed betting operators in both Michigan and Virginia.