Sports data provider Sportradar has netted €44 million (£34.9 million) in expansion capital from EQT.
Switzerland-based Sportradar, which has its UK base in London and was founded in 2003, supplies sports-related live data, odds and fraud detection services to clients such as bookmakers, media companies and sport federations.
Under the terms of the deal, EQT Expansion Capital is set to become a minority investor and will provide the growth capital needed for Sportradar’s organic and acquisitive development.
According to the private equity firm, which has offices in London, Sportradar has an enterprise value of €127.5 million, before the new investment.
Founder and CEO of Sportradar Carsten Koerl will remain in his role alongside the existing management team to lead the business. Werner Klatten has been installed to the board as chairman.
Koerl comments, ‘It is the right moment for this strategic co-operation as there are huge opportunities for Sportradar in the marketplace.
‘Combining with EQT Expansion Capital, with its great experience of backing successful companies, and EQT’s network of industry contacts means we are confident of continuing Sportradar’s success story.’
Klatten believes that sports betting has gained importance in the sports industry.
He adds, ‘With this investment in Sportradar, EQT Expansion Capital supports a highly innovative provider of live sports data that will strongly profit from the continuous growth of the sports betting market.’
The deal marks the seventh investment of the EQT Expansion Capital II fund, which closed in 2007 with €474 million.