SportsMEDIA
Technology Corporation, the industrys 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.
“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.”
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, SportsMEDIAs 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 companys 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, SportsMEDIAs 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 SportsMEDIAs 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. SportsMEDIAs 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. SportsMEDIAs 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 firms
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.
Source: Business Wire
