Sportradar Group AG, a global sports data company whose chairman is former Fiserv Inc. CEO Jeff Yabuki, has filed for an initial public offering (IPO), according to a Tuesday filing with the U.S. Securities and Exchange Commission.
The number of shares to be offered and the price range for the offering have not yet been determined, according to a Tuesday press release from the company. The shares will be listed on the Nasdaq under the ticker symbol “SRAD."
According to the filing, the class A ordinary shares will have a nominal value of 0.10 Swiss Francs per share and the proposed maximum aggregate price is $100 million — placeholders that could change.
Earlier this year, Sportradar was considering going public through a merger with a special purpose acquisition company (SPAC), a deal that reportedly could have valued Sportradar at more than $10 billion. Those talks ended in June, and the company opted to pursue a traditional IPO.
Yabuki was named chairman of Sportradar in January after stepping down as executive chairman of Brookfield-based Fiserv (Nasdaq: FISV) at the end of 2020. He served as Fiserv's CEO from 2005 until July 2020, when current Fiserv CEO Frank Bisignano took over.
Founded in 2001, Sportradar closely tracks data for a variety of sports on behalf of teams, media outlets and betting companies. The latter category has become increasingly important as more U.S. states allow gambling on sports and as the bets themselves grow more complicated than simply who wins.
"I see numerous opportunities for growth, especially as new sports betting markets such as the U.S. accelerate and our customers turn to us for new products and continued innovation," Sportrader founder and CEO Carsten Koerl said in a letter published in the filing. "Machine learning and artificial intelligence, in particular, will help us to get brand new insights around team and player performance."
With a global corporate headquarters in St. Gallen, Switzerland, Sportradar's U.S. operations are based in New York City. The company also has a large office in downtown Minneapolis, dating from its 2013 acquisition of Minneapolis-based SportsData, a startup founded to collect real-time data in professional and college sports.
Sportradar's investors include the Canada Pension Plan Investment Board, as well as NBA owners Mark Cuban and Michael Jordan.
The company's revenue for the first six months of 2021 was 272.10 million euros (about $318.10 million), compared with 191.6 million euros (around $223.93 million) in the same period last year, according to the filing. Sportrader reported profits of 17.7 million euros ($20.69 million) for the first half of the year, compared with 20.2 million euros ($23.61 million) in the first half of 2020.
A tour of Sportradar's Minneapolis office
