Catapult shares retreat on $28m outlay for MIT startup Perch
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More news: Shares in Catapult Group dropped in morning trade after the sports technology business announced the $28 million acquisition of MIT spinout Perch.
Catapult shares were down 2.1% to $6.09 at 11:40am AEST, having more than doubled in value since early April.
Catapult buys MIT spinout Perch for $28m
The news: Sports technology company Catapult Group International has acquired athlete monitoring platform and Massachusetts Institute of Technology spinout Perch.
The numbers: The USD18 million ($28 million) acquisition was completed on Wednesday, with USD3 million cash to be paid out of Catapult’s existing cash reserves at close.
The remainder will be paid out in Catapult shares across four tranches.
Perch shareholders are also eligible for an earn-out of up to USD10 million in additional shares over the period June 2027 to May 2028 if growth milestones for annual contract value (ACV) are met.
Shares will be valued at the 30-day volume-weighted average price ending prior to the release of Catapult’s financial year 2025 results.
Perch, founded in 2016, has an annual contract value of about USD2.5 million and has trained its computer vision algorithm across 40,000 unique users.
The context: Perch’s uses 3D cameras combined with computer vision and AI to automate tracking of athlete strength training, aiming to deliver real-time feedback and saving time compared to manual data collection.
What they said: “By bringing our solutions together, we’re building a smarter, more connected athlete monitoring system — on the field, in the gym and beyond,” Catapult CEO and managing director Will Lopes said.
“The acquisition strengthens our Performance & Health vertical and accelerates our mission to deliver intuitive, end-to-end solutions for professional sports.
The source: ASX
