Sportradar Sells Synergy's Coaching and Scouting Business to Teamworks for $170m

Sportradar is selling the team-facing half of a business it bought for €192.2 million in 2021 and keeping the cameras and graphics it says underpin its core products. It says the price beats the multiple its own shares trade on, which says as much about the shares as the deal.

• Sportradar has agreed to sell Atrium Sports, the operator of its Synergy Sports coaching and scouting business, to Teamworks Innovations for $170 million in cash, subject to purchase price adjustments, according to a Form 6-K furnished to the SEC on 7 October
• Sportradar keeps the automated cameras, graphics, some computer vision capabilities and competition management products, which it says underpin its core offerings
• It calls the price an accretive double-digit EBITDA multiple relative to its own market valuation, but has not disclosed Atrium's revenue, earnings or any effect on its 2026 outlook
• Sportradar paid €192.2 million for all of Atrium in 2021; the part it is selling fetches about €152 million at the European Central Bank's 7 October rate
• The sale comes with Sportradar's shares down 48.8% this year after short-seller reports in April and a guidance cut in August, and is expected to close in the fourth quarter of 2026

Sportradar Sells the Team-Side Software and Keeps the Hardware

Sportradar AG, a subsidiary of St Gallen-based Sportradar Group AG, signed an agreement on 6 October to sell 100% of Atrium Sports Inc., "the operator of the Company's Synergy Sports coaching and scouting business", to Teamworks Innovations, Inc., according to the Form 6-K furnished to the US Securities and Exchange Commission on 7 October. Teamworks will pay $170 million in cash, subject to purchase price adjustments. The filing mentions no earn-out or deferred payment and names no specific regulatory approval, only "customary closing conditions". Completion is expected in the fourth quarter of 2026.

Not everything Atrium built is leaving. Sportradar will keep automated video production cameras, automated graphics solutions, certain computer vision capabilities and competition management products already integrated into its business, according to its press release. Teamworks gets the subscription video and analytics products that, in the words of Sportradar's annual report, "drive daily coaching and scouting workflows" for teams.

Chief executive Carsten Koerl said the sale "optimizes and streamlines our business as we focus on our core betting, gaming, and media priorities", and that the proceeds "will further strengthen our balance sheet and support capital allocation priorities". He called Synergy "a leading team-side analytics platform for baseball and basketball". Sportradar describes the price as "an accretive double-digit EBITDA multiple relative to Sportradar's market valuation" but discloses neither Atrium's revenue, its EBITDA nor the multiple; a double-digit multiple implies annual EBITDA below $17 million. The release says nothing about the 2026 outlook, and we could not find a statement from Teamworks.

Teamworks, based in Durham, North Carolina, sells scouting, performance, coaching and operations software to teams. It raised $235 million in June 2025 at a pre-money valuation above $1.0 billion and has bought Smartabase, Zelus Analytics and Telemetry Sports, among others, according to its own announcement.

What Sportradar Paid for Atrium in 2021

Sportradar signed the merger agreement for Atrium on 21 March 2021 and completed it on 6 May 2021, according to its 2021 annual report on Form 20-F. It paid €183.0 million in cash plus participation certificates, for total consideration of €192.2 million, and booked €134.5 million of goodwill. It described Atrium as a market leader in data and video analytics in US college and professional sport, with league-wide relationships with the NBA and MLB. Atrium reported 2021 revenue of €19.1 million and a pre-tax loss of €15.5 million.

In its 2025 annual report, Sportradar said Atrium had positive taxable results for the first time. The coaching and scouting products sit in the Sports Performance line, which also holds the competition management and data products Sportradar is keeping. That line produced €43.7 million of revenue in 2025 and €10.6 million in the second quarter of 2026, down 13% year on year, which the company attributed principally to currency movements.

At the European Central Bank's 7 October reference rate of $1.1177, $170 million is about €152 million, roughly €40 million less than Sportradar paid in 2021, for a smaller perimeter.

A Company Narrowing Towards Betting Rights

Sportradar completed the acquisition of IMG Arena on 1 November 2025 without paying anything at closing; instead the seller agreed $225 million of consideration in Sportradar's favour, $100 million paid to it and up to $125 million prepaid to rights holders, according to its 2025 annual report. By its second-quarter results it had signed agreements with Kalshi and Polymarket, and Betting Technology & Solutions revenue rose 21% to €314 million, against €64 million from the Sports Content, Technology & Services division that includes Synergy.

Group revenue rose 19% to €378 million in the quarter. But on 3 August Sportradar cut its 2026 outlook from revenue of €1,557 million to €1,582 million and adjusted EBITDA of €390 million to €400 million, to €1,518 million to €1,533 million and €360 million to €368 million. The shares fell 15.1% that day, according to Yahoo Finance data. They closed at $12.18 on 6 October, down 48.8% from the end of 2025, and traded at $11.88 on the afternoon of 7 October, down 2.5% on the day. The company had €251 million of cash and no debt at 30 June, and had bought back $422 million of shares by 31 July under a $1 billion repurchase plan.

Sportradar Is Selling the Customer, Not the Technology

The line drawn through Atrium is the useful detail. The cameras, graphics and computer vision stay because, the company says, they underpin its core offerings, and the core is now betting, gaming and media. What goes is a subscription product sold to coaches and scouts, customers with no connection to sportsbooks, to a buyer that already sells software to teams. The cost of that focus is a sale below the 2021 price in euros, though for less of the business, and the loss of a revenue line with no direct link to the sportsbook clients at the centre of the April short-seller reports.

The Multiple Is a Statement About Sportradar's Own Shares

"Accretive double-digit EBITDA multiple relative to Sportradar's market valuation" means Atrium is being sold at a higher multiple of earnings than the market puts on Sportradar, which is easier with the shares at half their end-2025 level. Sportradar has not said the proceeds will fund buybacks, only "capital allocation priorities", but with a $1 billion programme in place, selling a small earner at a premium multiple while its own stock is cheap is the obvious arithmetic. At $170 million, against guided adjusted EBITDA of €360 million to €368 million, the sale will not change the investment case on its own.

Sportradar has turned a 2021 growth bet into cash at a modest loss in euro terms while keeping the parts it says underpin its core offerings. Its third-quarter results should show what the sale removes from revenue and earnings, which it has so far left undisclosed.