A private Durham-based sports technology company has sold $13.8 million in equity and options, according to a Securities and Exchange Commission filing.
SportsMedia Technology Corp. filed a Form D on Oct. 7. It did not say what the company intends to do with the money.
The sports technology company offers real-time delivery of data and social media for live television sports and entertainment TV. The company designs clocks and scoreboards, race crawls, virtual insertion products and tickers.
SportsMedia Technology acquired Chicago-based Sportvision, another company in video enhancement and virtual insertion graphics for live sports, in a deal that closed on Oct. 4. The financial terms of the transaction were not disclosed.
Gerard J. Hall is the founder, president and chief executive officer of SportsMedia Technology. His career in sports television began in 1988 when he developed a wireless, real-time electronic scoring system for PGA events. He provided this system from 1988 to 1991 for NBC Sports.
Hall graduated with a B.A. in economics from Harvard University and was awarded the St. Andrew’s Scholarship to attend Scotland’s University of Edinburgh where he pursued a Master of Science in computer science.
Companies relying on a Reg D exemption do not have to register their offering of securities with the SEC, but they must first file what’s known as a Form D electronically with the SEC after they first sell their securities.
Note: This story is from the North Carolina Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism
