Global law firm DLA Piper has advised Australian sports tech company Catapult Group International (ASX:CAT) on its AU$100 million equity raising, and the simultaneous AU$80.1 million acquisition of US sports software company XOS Technologies, Inc and AU$4.9 million acquisition of Irish-based PlayerTek.
Catapult is a leader in sports analytics technology. It developed and markets a wearable athlete tracking platform that has become the most widely accepted solution for professional sporting teams globally. The company said the acquisitions bolster its mission to be the global leader in athletic analytics at all levels, across all sports – and further strengthen the company’s strategic focus on the US market where its customers include elite professional and amateur teams and leagues.
Boston-based XOS provides innovative video analytics software solutions to elite and amateur sporting teams in the US. XOS also operates a content licensing platform through which it licenses sports content on behalf of US colleges which is distributed to leading media brands including ESPN, Youtube and Yahoo.
Irish-based PlayerTek has developed a wearable GPS tracking device that has a low cost to manufacture and which is aimed at amateur footballers and 'prosumers'. The PlayerTek technology will enable Catapult to leverage its reputation from elite sports to sell to the much larger prosumer and consumer markets.
DLA Piper advised Catapult on both the AU$100 million capital raising – which comprised an institutional placement and 1-for-10.65 accelerated non-renounceable pro-rata entitlement offer fully underwritten by Goldman Sachs Australia Pty Ltd – and the acquisitions.
DLA Piper's Equity Capital Markets team was led by Australian Corporate partner David Ryan with assistance from senior associate Kelly Morrison and lawyer Harriet Johnston.
DLA Piper's acquisition team was led by Australian Corporate partner Joel Cox, with assistance from Intellectual Property partner Robynne Sanders, senior foreign legal associate Kurt Tiam, lawyer Anna Hedgcock, Silicon Valley partners Benjamin Griebe, Victoria Lee, Cisco Palao-Ricketts, Margaret Keane and David Plewa, and US based associates Ian Boardman, Christine Boehm and Elena Nrtina.
David Ryan said: "DLA Piper is delighted to have advised Catapult on the highly strategic and complementary acquisition of both XOS and PlayerTek. This is a very exciting time for Catapult as they accelerate their expansion in the US market, and fulfil their vision to be the global standard for monitoring athletic performance at all levels and across all sports."
Joel Cox, Co-head of DLA Piper's Disruption and Innovation Group in Australia said: "Our work for Catapult reflects the focus of DLA Piper on acting for technology clients globally, which builds on the firm's heritage in Silicon Valley. We have one of the most active venture capital and tech practices internationally. Clients like Catapult benefit from having tech experts at DLA Piper in all the key countries where they do business.
"The transaction also demonstrates the ability of DLA Piper to advise ASX-listed companies on global expansion. We have offices in all major cities across the US and Canada, and internationally we have lawyers in over 30 countries throughout the Americas, Asia Pacific, Europe, Africa and the Middle East. It is a powerful platform for us to leverage to assist our Australian based clients."
