HomeNewsFinance & MoneyUSA

Atrium Sports buys Cuban-backed analytics provider Synergy in ‘$90m’ deal

Atrium Sports has agreed a deal to acquire US-based sports analytics firm Synergy Sports Technology, whose biggest investor is Mark Cuban, billionaire owner of NBA basketball franchise the Dallas Mavericks.

Synergy Sports is the dominant global provider of data and video analytics tools for the NBA, MLB and college basketball and baseball. Atrium said the deal, which Bloomberg reported to be worth close to $90m (€80.7m), will accelerate its expansion strategy and strengthen its end-to-end technology solution offering globally.

The acquisition was completed with a lead investment from Eldridge Industries, whose chairman is Los Angeles Dodgers co-owner Todd Boehly; along with additional investment from Elysian Park Ventures, which includes Boehly and fellow Dodgers owners Mark Walter, Magic Johnson and Peter Guber. Atrium executives and other Atrium and Synergy Sports shareholders also participated.

Synergy Sports provides teams with the analytics and tools that aid scouting, player development and entertainment monetisation. Within the past year, Synergy Sports is said to have captured, tagged and analysed over 60,000 basketball games and 15,000 baseball games.

Atrium said it sees emerging opportunities in ice hockey and soccer, adding that by integrating Synergy Sports’ content into its platform, teams, leagues and federations will gain greater access to comprehensive data and advanced automated video production of live sporting events.

The acquisition follows August’s announcement of a partnership with the International Basketball Federation (Fiba) to launch Fiba Connected Stadium. Through the venture, Atrium Sports is implementing artificial intelligence and machine learning based automated solutions to capture, enhance, produce and distribute live video content.

National federations and leagues have access to Keemotion technology to help live stream games and enhance the fan experience with graphic overlays and commentary. Atrium acquired Keemotion earlier this year and will reportedly now merge Synergy with it.

Nick Maywald, group chief executive and chairman of Atrium Sports Group, said: “Combining their technology with our autonomous video production creates exciting opportunities to simplify workflow for coaches and analysts and accelerates the development of how AI can benefit sports.”

Boehly, co-founder and chief executive of Eldridge Industries, added: “Through… strong management, we believe Atrium’s analytical capabilities and competitive advantage have the potential to change the delivery of content in the sports industry.”

Inner Circle Sports, a boutique investment bank focused on the global sports and media industry, served as financial advisor to Synergy Sports on the transaction.