Genius Sports Limited has announced the resignation of Gabriele Cipparrone, partner at Apax Partners LLP, from its Board of Directors, effective April 8, 2024.
This decision follows a reduction in holdings in Genius Sports by funds advised by Apax through a secondary sale on April 1, 2024.
Since Apax Funds’ investment in Genius Sports in 2018, Mr. Cipparrone has contributed valuable insight and expertise during a transformative period of growth for the company. Notably, Genius Sports expanded from $85 million in revenue in 2018 to $413 million in 2023.
Gabriele Cipparrone said:
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.
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. 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 actively conducting a thorough search for new highly qualified independent members to join its Board of Directors, replacing those previously designated by Apax representatives.
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