Slinger Bag announced its acquisition of Foundation Tennis, a developer of tennis software applications covering tennis club and facility administration and encompassing functional user and CRM experiences.
Said Foundation Tennis: “Foundation Tennis started its business in 2017 and currently has over 1 million individual facility members registered on its platform. The U.S. tennis market accounts for 17,000 facilities and over 20 million tennis players—out of a global market of approximately 100,000 facilities and 100 million players—both of which represent a significant market opportunity for future growth of the Foundation Tennis platform.
“Foundation Tennis’s proprietary technology suite provides business services to the tennis industry, including operational and payments software as well as digital platform management (website design, hosting, iOS, and Android apps). Recently the company was named as a Platform Development Partner for Square, an exclusive distinction and significant recognition of its platform being the only Square partner specifically serving both the tennis and greater racquet sports industries.”
“In my many years in the tennis industry, I have experienced all that the market offers in such club administration and court booking services, and I have to commend Charlie, Jaana and George for creating a near-perfect and all-inclusive program. We are thrilled to bring Foundation Tennis under the Slinger brand and in doing so to support Charlie and his team in building out his platform providing a compelling offering of facility and member services on a single user platform,” said Mike Ballardie, CEO, Slinger. “Today’s acquisition announcement represents a significant step in our brand evolution at Slinger towards becoming a leading connected sports company. We aim to achieve that by putting our users at the core of all products and services that we bring to the global tennis market, today and in the future.”
Pursuant to the definitive agreement, Slinger has acquired all issued and outstanding shares of Foundation Tennis. Effective immediately, Foundation Tennis will be a wholly-owned subsidiary of Slinger Bag Inc. Under the terms of the agreement Foundation Tennis shareholders will receive 600,000 shares of Slinger Bag common stock and an additional 400,000 in two further tranches over the next 24 months.
Shares of Slinger closed at $3.40 Wednesday.
Photo courtesy Slinger Bag
