SportsMEDIA Technology Corp. secured $12.5 million in growth capital funding from Vicente Capital Partners. The Durham, N.C. provider of graphics, statistics and video used for sports broadcasts, plans to use the capital to accelerate the launch of new products and to switch current products to its next generation software platform.
SportsMEDIA Technology Corporation, the industry’s leading provider of award-winning graphics, statistics and video enhancement solutions for sports broadcasts, today announced it has secured $12.5 million in growth capital funding from Vicente Capital Partners. SportsMEDIA will use the funding to grow its business by dedicating research and development (R&D) resources (i) to accelerate the introduction of new products, (ii) to migrate its current products to its next generation software platform, and (iii) to introduce its products into new markets.
“As we examined the size of the market opportunity, SportsMEDIA’s track record for success, and the strength of its leadership team, we realized what a great investment opportunity SportsMEDIA represented to Vicente”
“Although SportsMEDIA has been profitable and growing since its inception 20 years ago, this injection of outside growth capital will help us to execute our corporate growth strategies at an accelerated pace,” said Gerard J. Hall, SportsMEDIA’s founder and chief executive officer. “SportsMEDIA will use this capital to bolster R&D resources to expedite the introduction of new products and to port existing products to our new next generation scalable software platform. By partnering with Jay Ferguson and his capable team at Vicente Capital Partners, I am confident that the success of our future product offerings will dwarf the success of our products to date.”
SportsMEDIA to Expand to New Industries, New Platforms and New Geographies
SportsMEDIA will also grow its sales and marketing staff to pursue new markets beyond the sports broadcast industry for its current products offerings. The company’s leading technology has many useful applications in the entertainment, education, medical, retail and government markets. Additionally, SportsMEDIA will explore the direct delivery of sports information to consumer platforms such as mobile devices. Growth will also occur as SportsMEDIA expands its footprint into new geographies globally.
“As we examined the size of the market opportunity, SportsMEDIA’s track record for success, and the strength of its leadership team, we realized what a great investment opportunity SportsMEDIA represented to Vicente,” said Jay Ferguson, managing partner at Vicente Capital Partners. “This organization is poised for accelerated growth based upon the merits of its technology, its reputation in the industry and its clear vision for the future.”
Vicente Capital Partners will have a minority investment in SportsMEDIA. Gerard J. Hall will continue to serve as chief executive officer. SportsMEDIA anticipates its staff will grow by 20 percent by the end of 2010 and anticipates the same growth rate for 2011.
Robert J. Woolway, Managing Director of Trinity Capital, LLC, served as financial advisor to SportsMEDIA.
This funding announcement coincides with SportsMEDIA’s 20th anniversary of servicing major sports broadcast companies including ESPN/ABC, NBC, CBS, VERSUS, Turner and TNT as well as other regional and specialty sports networks.
About SportsMEDIA Technology Corporation
SportsMEDIA Technology Corporation, headquartered in Durham, NC, is a leading provider of graphics, statistics and video enhancement software and services for live television sports broadcast networks. Founded in 1988, SportsMEDIA pioneered the first real-time scoring and wireless data system. SportsMEDIA continues to develop and deliver customized products and services to enhance the production quality and viewers’ experience of sporting events. The company has won 17 Emmy awards since 1993. SportsMEDIA’s solutions have been used at the most prestigious sporting events including the Super Bowl, NBC Sunday Night Football, the Indianapolis 500, the NCAA Final Four, the Kentucky Derby, ESPN Summer and Winter X Games, NBA on TNT, NASCAR and NHL. SportsMEDIA’s customers include all major broadcast television companies as well as several regional and specialty sports networks. For more information, visit www.sportsmedia.com.
About Vicente Capital Partners
Vicente Capital Partners is a private equity firm specializing in both non-control and control investments in growth businesses that have annual revenues between $5 million and $25 million. The firm’s investment professionals have a long and successful track record of partnering with management teams to create and realize value across a number of different industries including: Business Services (outsourced services, Internet services, telecom services); Consumer Services (healthcare services, residential delivery, education); and Specialty Manufacturing (aerospace & defense, environmental products, networking/telecom equipment). For more information about Vicente Capital Partners, please visit www.vicentecapital.com.