Versant Sells SportsEngine to Playmetrics
Versant, a media company recently spun off from NBCUniversal, has made a strategic decision to sell the assets of SportsEngine to Playmetrics. This move is part of Versant’s effort to refine its holdings and focus more closely on different types of assets.
Financial details of the transaction have not been disclosed. SportsEngine is known for providing technology and services related to team and tournament management of youth sports. Versant, which owns cable outlets such as MS NOW, CNBC, and USA, is now concentrating on properties that involve business news, personal finance, political news and opinion, golf, and sports and genre entertainment.
Playmetrics, on the other hand, specializes in operations management software for youth sports organizations. Mike Doernberg, CEO of PlayMetrics, assured SportsEngine customers that they can expect the same level of service they currently receive, along with access to PlayMetrics’ advanced technology offerings. He stated, “Our goal is singular and we won’t stop until we’ve achieved it: build the best platform for youth sports operators.”
In March, Versant executives indicated their interest in exploring alternatives for SportsEngine. CFO and COO Anand Kini mentioned during an investor call that they see a lot of consolidation in the youth sports market and believe it is the right time for a review. However, he emphasized their fondness for SportsEngine and their commitment to pursuing opportunities that maximize long-term value.
Legal counsel for PlayMetrics was provided by Ropes & Gray, while LionTree Advisors acted as the exclusive financial advisor. Versant was represented by Gibson Dunn as legal counsel and Lazard as the exclusive financial advisor.
This strategic decision by Versant to sell SportsEngine to Playmetrics demonstrates their dedication to optimizing their portfolio and focusing on assets that align with their core business objectives. The transition is expected to benefit both companies and their respective customers in the youth sports industry.
