Sportradar acquired basketball analytics firm Synergy Sports in a move that deepens the company’s ties with college sports.
Sportradar announced the acquisition on Monday although no price was disclosed.
The data giant previously earmarked around $350 million for an acquisition with “significant revenue synergies.”
Who is Synergy Sports?
Synergy is a basketball data and video analytics platform. Their analysts use a proprietary logging system to tag and catalogue every possession of every game. That data can be used for coaching and player development, although Synergy also has a sports betting tab on its website.
The company has contracts with the NBA, WNBA and NCAA. It also provides data to sports media and marketing companies, including ESPN and Turner Sports.
What does Sportradar want Synergy for?
Sportradar said the acquisition would expand its product offering into US college sports data and video analytics.
“This further cements our relationships with the major sports organizations in the US and around the world,” Sportradar CEO Carsten Koerl said.
Assuming Synergy is the M&A target previously mentioned by Radar, it has estimated annual EBITDA of $23-29 million.
“Sportradar is the perfect partner to accelerate the evolution of Synergy Sports in the US and around the world,” said Nick Maywald, the executive chairman of Synergy Sports.
The deal is expected to close in the second quarter.
Notably, Synergy was previously majority-owned by a firm backed by LA Dodgers co-owner Todd Boehly.
Boehly also sponsors the special purpose acquisition company (SPAC) that is aiming to take Sportradar public at a $10 billion valuation.
It’s been a busy start to the week for Sportradar, with the company also bidding for exclusive rights to NFL live betting data.
The company faces competition from Genius Sports and IMG Arena for the deal that could be worth $100 million annually.
DLA Piper represented Synergy Sports in its sale to Sportradar. Melissa Sampson led the deal team.