Genius Sports confident of meeting $145m 2020 revenue target ahead of SPAC IPO
Data supplier records growth across all business arms on long-standing contracts and customer acquisition process
Genius Sports Group expects to generate full-year revenue for 2020 of $145m after filing the necessary documents to complete its business combination with SPAC dMY Technology II.
Within a new SEC filing, the data provider reported a 32% year-on-year revenue increase for the nine months to September 30, 2020.
Betting technology, content and services revenue increased by 26% on growth from expansion of existing clients.
Elsewhere, the company’s media technology business saw revenue rocket 96% thanks to increased customer acquisition across Europe and the Americas.
Approximately 60% of 2020 revenue was generated by existing contracts.
“Amidst a global pandemic, we have made great progress in 2020 and are on track for sustained strong performance in 2021,” Mark Locke, Genius Sports Group co-founder and CEO said.
“Looking ahead, our anticipated merger with dMY II and NYSE listing will strengthen our position as a true partner to sports leagues, sportsbooks and media groups worldwide,” he added.
DMY Technology has established a new holding company dubbed NewCo as part of its business combination with Genius Sports Group.
It is expected to trade under a new GENI ticker.