find the latest legal job
Corporate/Commercial Lawyers (2-5 years PAE)
Category: Corporate and Commercial Law | Location: Adelaide SA 5000
· Specialist commercial law firm · Long-term career progression
View details
Graduate Lawyer / Up to 1.5 yr PAE Lawyer
Category: Personal Injury Law | Location: Brisbane CBD & Inner Suburbs Brisbane QLD
· Mentoring Opportunity in Regional QLD · Personal Injury Law
View details
Corporate and Commercial Partner
Category: Corporate and Commercial Law | Location: Adelaide SA 5000
· Full time · Join a leading Adelaide commercial law firm
View details
In-house Legal Counsel & Commercial Lawyers
Category: Corporate and Commercial Law | Location: All Sydney NSW
· Providing lawyers with flexibility and control over when they work, how they work and who they work for.
View details
In-house Legal Counsel & Commercial Lawyers
Category: Corporate and Commercial Law | Location: All Melbourne VIC
· Providing lawyers with flexibility and control over when they work, how they work and who they work for.
View details
Multimillion-dollar deals grow Aussie company’s sports tech stake

Multimillion-dollar deals grow Aussie company’s sports tech stake

An ASX-listed company is expanding its international presence with the acquisition of two separate sports tech companies plus a $100 million capital raising.

Firms: DLA Piper (Catapult Group International); Wilson Sonsini Goodrich & Rosati (XOS Technologies); Clerkin Lynch (PlayerTek)

Deal: Catapult Group International has acquired a US and Irish company in addition to an AU$100 million capital raising.  

Value: $100 million capital raising; $80.1 million acquisition of XOS Technologies; $4.9 million acquisition of PlayerTek.

Area: M&A, Finance

Key players: Advising Catapult in the multiple deals were DLA’s equity capital markets and acquisition teams.

Australian corporate partner David Ryan led the equity capital markets group. He was assisted by senior associate Kelly Morrison and lawyer Harriet Johnston. 

Australian corporate partner Joel Cox led the acquisition team, with assistance from intellectual property partner Robynne Sanders, senior foreign legal associate Kurt Tiam, lawyer Anna Hedgcock.

DLA lawyers based in Silicon Valley also advised on the company acquisitions, with assistance from partners Benjamin Griebe, Victoria Lee, Cisco Palao-Ricketts, Margaret Keane and David Plewa. The team was supported by US associates Ian Boardman, Christine Boehm and Elena Nrtina.  

Deal significance:

Australian company Catapult has simultaneously executed a $100 million capital raising and the acquisitions of two companies: XOS Technologies for $80.1 million and PlayerTek for $4.9 million.

Catapult works in sports analytics technology and is involved in the development of a wearable athlete tracking platform used by a number of professional sporting teams around the world.

The $100 million capital raising consisted of an institutional placement and 1-for-10.65 accelerated non-renounceable pro-rata entitlement offer. Catapult’s entitlement offer was fully underwritten by Goldman Sachs Australia Pty Ltd.

According to a statement released by the ASX-listed company, Catapult’s recent growth aims to improve a foothold in the US market, where many elite professional and amateur sports customers are based.

XOS Technologies is a Boston-based company offering video analytics software solutions to sporting teams in the US.

Irish company PlayerTek is the creator of a GPS tracking device marketed to amateur footballers and 'prosumers'.

DLA’s Mr Ryan (pictured) said the firm was “delighted to have advised Catapult on the highly strategic and complementary acquisition of both XOS and PlayerTek”.

“This is a very exciting time for Catapult as they accelerate their expansion in the US market, and fulfil their vision to be the global standard for monitoring athletic performance at all levels and across all sports,” Mr Ryan said.

DLA Piper Australian corporate partner David Ryan

Like this story? Read more:

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

The legal budget breakdown 2017

Multimillion-dollar deals grow Aussie company’s sports tech stake
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
Scales of Justice
Dec 15 2017
Timing ‘critical’ in unusual contempt of court ruling
A recent case could have interesting implications for contempt of court rulings, according to a Ferr...
Dec 14 2017
International arbitration and business culture
Promoted by Maxwell Chambers. This article discusses the impact of international arbitration on t...
Papua New Guinea flag
Dec 14 2017
World-first mining case launched in PNG
Citizens of Papua New Guinea have launched landmark legal proceedings against the country’s govern...
APPOINTMENTS
Allens managing partner Richard Spurio, image courtesy Allens' website
Jun 21 2017
Promo season at Allens
A group of lawyers at Allens have received promotions across its PNG and Australian offices. ...
May 11 2017
Partner exits for in-house role
A Victorian lawyer has left the partnership of a national firm to start a new gig with state governm...
Esteban Gomez
May 11 2017
National firm recruits ‘major asset’
A national law firm has announced it has appointed a new corporate partner who brings over 15 years'...
opinion
Nicole Rich
May 16 2017
Access to justice for young transgender Australians
Reform is looming for the process that young transgender Australians and their families must current...
Geoff Roberson
May 11 2017
The lighter side of the law: when law and comedy collide
On the face of it, there doesn’t seem to be much that is amusing about the law, writes Geoff Rober...
Help
May 10 2017
Advocate’s immunity – without fear or without favour but not both
On 29 March 2017, the High Court handed down its decision in David Kendirjian v Eugene Lepore & ...