Sportradar Announces New Growth-Related Restructuring
LISTEN TO THIS ARTICLE:Sportradar, the sports technology solutions provider, has announced a strategic plan to streamline operations in the company, which it intends to achieve by restructuring the organization. The provider aims to gain greater focus on its customers and partners and drive global development, which it hopes will lead to continued growth for the business.
The company has decided to restructure the organization to consist of six business functions, which will include Product Delivery, Growth and Innovation, and Commercial divisions.
I am excited to announce this new global organization and leadership structure, which aligns our teams on our strategic priorities, promotes agile execution and better positions Sportradar for future growth. By centralizing our key business functions, we will foster greater collaboration and faster decision-making, enabling us to drive further operating efficiencies and increased innovation across our business. These decisive steps will enable us to better serve our clients and partners as well as capture the significant market opportunities ahead of us.
Related: Sportradar and Genius Hit with Patent Infringement Lawsuite
Sportradar Outlines Details of Six Business Functions
The sports technology company has given a breakdown of the branches of the organization it will restructure.
Warren Murphy, who previously was Chief Product Officer, will assume the role of Chief Delivery and Operations Officer. He will lead Product Delivery and Operations, which will combine content, product development, and engineering globally to deliver solutions to its customers and partners.
The Growth and Innovation division will bring together a growth strategy and innovation that will be combined to identify market opportunities. This function will be led by Nick Maywald, who was serving as Chief Content Officer and will now assume the title of Chief Growth and Innovation Officer.
Eduard Blonk, the Chief Commercial Officer, will lead the company’s Commercial function in the organization. It will be tasked with driving revenues relating to sales, client services and care, sports partnerships, and marketing.
Other changes will see Lynn McCreary lead Legal, Risk and Administrative Services, and Severine Riviere-Gerstner as Chief People Officer will lead the People division. As well as Finance, which will be led by Chief Financial Officer, Gerard Griffin.
Changes Should Lead to Projected 20% Growth in 2024
Sportradar has more than two decades of experience in sports technology solutions and boasts a service that supplies immersive experiences for sports bettors. It covers millions of sports events each year and is a trusted partner of major sports leagues, including the ATP, NBA, NHL, MLB, NASCAR, UEFA, FIFA, and Bundesliga.
It believes the organization restructuring will help the company meet its projected targets for the year. Sportradar issued guidance trading figures for this year of revenue of up to €880 million, and adjusted EBITDA is estimated to reach approximately €167 million. These forecasts for this year represent Adjusted EBITDA growth of at least 20% and a similar percentage increase in company revenue.
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