Versant, the media company that recently spun off from NBCUniversal, has sold its SportsEngine assets to Playmetrics as part of a strategy to sharpen its holdings and focus more on different types of assets.
Financial terms of the deal were not disclosed.
SportsEngine provides technology and services related to youth sports team and tournament management. Versant, which owns cable stations such as MS NOW, CNBC, and USA, focuses on business news and information related to personal finance. Political news and opinion. Golf; Sports and Genre Entertainment.
Playmetrics provides operations management software for youth sports organizations.
“SportsEngine customers can expect the same great service they rely on today and will have access to the full capabilities of the technology products that PlayMetrics has built. Our goal is singular, and we won’t stop until we achieve it: to build the best platform for youth sports operators,” PlayMetrics CEO Mike Doernberg said in a statement.
Versant executives indicated in March that it was interested in exploring alternatives to SportsEngine. “We’re seeing a lot of consolidation across the youth sports market and we believe this is the right time for this review, but we haven’t made any decisions yet. To be clear, we love SportsEngine. It’s a very good business for us,” Anand Kini, Versant’s chief financial officer and chief operating officer, said on a recent investor call. “We will only pursue opportunities that truly maximize value over the long term.”
Ropes & Gray served as legal advisor and LionTree Advisors served as exclusive financial advisor to PlayMetrics. Gibson Dunn served as legal advisor and Lazard served as Versant’s exclusive financial advisor.
