Genius Sports has confirmed it has entered into a definitive agreement to acquire Legend in a transaction valued at $1.2bn.
A total of $900m will be payable at closing, with a further earnout estimated at $300m.
Legend monetizes sports audiences through a scaled media network, meaning that when fans research teams, scores or other related subjects, Legend’s technology can recognize this and advertise relevant sportsbooks or gaming products to them.
Last year, Legend created 320 million annual visits from 118 million unique visitors, with two-thirds of these users then returning for repeat visits.
Mark Locke, Genius Sports CEO, said: “This deal accelerates our strategic and financial objectives, supercharges fan monetization, and builds a fully integrated sports and gaming media network.
“For Genius Sports and our global partners, it delivers more data, more audience, more inventory and greater monetization of sports fans. The acquisition of Legend will drive higher margins and stronger free cash flow, positioning Genius Sports to immediately transform the market and grow the size and scale of our business.”
Genius Sports explained that it will connect its full range of over 2,000 combined sports, media and betting partners with Legend’s global audience and marketing technology via one integrated platform.
Nick Kisberg, Legend Founder, said: “Joining forces with Genius Sports brings together two world-class teams, unlocks unparalleled growth opportunities for our partners and products, and gives us an even stronger platform to scale.
“I am immensely proud of what we have built and the decades of hard work that have brought us here today."
During its Q3 report, Genius Sports alluded to its growth reflecting the company's "unique ability to combine sports data with audience intelligence to deliver personalized fan experiences at scale."
At closing, Genius Sports expects to fund the acquisition with a $850m Term Loan B issuance, with its revolving credit facility remaining undrawn
