Sports Media Technology (SMT), the Durham-based company that delivers many of the graphics and statistics that make sports TV viewing a multimedia experience, is adding even more technology through the purchase of Chicago-based and tech rival Sportvision.
In addition to having won Multiple Emmy awards, Sportvision developed numerous patent-winning technologies such as:
- Virtual Yellow 1st & Ten line
- MLB pitch and strike-zone tracking system (PITCH/fx)
- A NASCAR tracking and pointer system
The deal between the two privately held companies closed Tuesday and was announced Wednesday.
SMT gains 75 employees through the deal, boosting its headcount to more than 400, a spokesperson tells WRAL TechWire.
No additional jobs will be created in Durham as a result of the deal, at least right now.. SMT has some 125 workers in Durham and another 185 in Jacksonville.
The 75 employees of Sportsvision at its development office in Fresno, Calif., will be retained.Another 100 or so people work with Sportsvision as contractors, according to SMT.
As part of the deal, the Sportsvision office in Chicago will be closed and top management won’t be joining SMT.
Financial terms were not disclosed.
SMT did acknowledge raising additional capital from investors as well as from founder and CEO Gerard Hall to finance the deal.
“SMT’s acquisition of Sportsvision is a watershed moment for us,” Hall said in a statement.
“Although we have been marketplace competitors for many years, SMT has always had a tremendous respect for the applied science, the cutting-edge technology, and the creative innovation that runs through the DNA of the Sportvision team.”
The deal is part of continuing growth for SMT, which Jenkins said is “definitely” profitable.
SMT recently hired Jed Drake, a multi-Emmy award winning veteran of ESPN, to head up its emerging technologies initiatives.