Durham-based SportsMedia raises $12.5M, plans to boost staff
A sample of SportsMedia graphics in a football broadcast from the firm's website.
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DURHAM, N.C. – SportsMedia Technology, a provider of statistics, graphics and other enhancements for sports broadcasts, is planning to expand its staff by 20 percent and add new products after closing on $12.5 million in new financing.
SportsMedia announced the equity investment from Vincente Capital Partners.
The company, which currently employs 72 people, also plans to expand its services into new markets.
“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 Hall, the company’s founder and chief executive officer, in a statement.
Hall, who remains CEO of the company, added that the firm has developed a “next generation scalable software platform” to support its products. One addition could include mobile platforms.
With the cash infusion, SportsMedia also plans to enter markets outside of sports broadcasting, including education, retail, medial, entertainment and government.
Another possibility is offering its data and information services directly to consumers.
SportsMedia also plans to expand its geographic footprint.
Vincente Capital is taking a minority ownership stake in SportsMedia.
SportsMedia clients include ESPN/ABC, NBC, CBS, VERSUS, Turner and TNT plus regional networks. The company launched in 1988. It has won 17 Emmy awards.
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Copyright 2012 WRAL Tech Wire. All rights reserved.
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