KKR media platform invests $80m in Singapore's GSC
Emerald Media, a pan-Asian media and entertainment platform backed by KKR, has invested $80 million in Global Sports Commerce (GSC), a Singapore-based sports technology and management business that has worked with groups such as the English Premier League (EPL) and Formula One.
Emerald will take a significant minority stake in GSC, committing primary growth capital to the company and taking an interest in its global affiliate, TechFront. The latter is currently held by PE firm Fidelis World Asset Management, which committed $19.5 million to the company in 2014. ADV Partners, which acquired a minority stake in GSC in 2015, will not exit any shares in the transaction.
According to a statement, GSC will primarily use the new capital for expanding its global operations, including through M&A opportunities. It will also focus on developing new technologies for the sporting and media industries.
GSC develops technology solutions in a number of sporting-related sectors, including on-field signage and scoring, sponsorship management, fan engagement, augmented and virtual reality, and data analytics. It has relationships with major players in a range of sports, including football, rugby, cricket and motor racing, and has offices in 10 countries. In addition to the EPL and Formula One, GSC has partnered with FIFA, Cricket Australia, the Indian Premier League, and the Australian Football League.
“The introduction of digital technology into the world of sports has helped amplify fans’ appreciation of the games and has helped to create an alternative source of revenue for clients, besides the games themselves,” said Rajesh Kamat, managing director of Emerald. “GSC, with its 360-degree sports solutions, has transformed sports tech in India and across the globe by enhancing the way sports franchises interact with fans and capitalizing on the ardor of their fan base.”
Emerald was formed in 2015, with KKR committing $300 million and bringing in The Chernin Group as a minority co-investor. The platform seeks control and minority growth investments in media and entertainment companies, usually committing $15-75 million per transaction. Recent investments include Cosmos-Maya, an animation studio based in India and Singapore. Emerald bought a controlling stake in the studio for an undisclosed amount in January.
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