Genius Sports shutters Lithuanian tech hub as redundancies loom

Genius Sports has closed its technology development hub in Lithuania as the sports data supplier moves to streamline operations.

EGR understands the decision to wind operations down was as a result of wider macroeconomic conditions, with Genius Sports voluntarily electing to restructure the business.

The hub, based in the capital city of Vilnius, was primarily a sports tech development centre for products used by sports leagues and federations.

EGR understands that at least 50 members of staff are at risk of redundancy following the decision from Genius Sports to close the hub.

EGR also understands a consultation period with staff regarding redundancy packages and processes began this week, with a proportion of staff being retained.

The company is also offering its support to those that are in the consultation process.

The move to shutter operations in Vilnius comes as Genius Sports plans to shift its development resources to its existing tech hubs in Sofia, Bulgaria and Medellín, Colombia.

Staff that are retained are set to be relocated to one of Genius Sports’ other tech hubs.

There are no clear plans for the future of the hub regarding a potential sale.

The firm’s share price has fallen by 24% in the last month and the New York-listed company posted losses of $40.2m in Q1 2022, despite a significant rise in revenue.

EGR has contacted Genius Sports for comment.