Slinger Bag announced it has entered into an agreement to acquire Gameface.AI, an AI technology provider for sports.
Gameface.AI has developed the AI capabilities for Slinger’s upcoming app that will offer immediate analysis of groundstrokes, biomechanics and event recognition from match play captured through a phone’s camera. Gameface.
“The acquisition of Gameface.AI is the next step in our evolution towards building a disruptive, world-class connected sports company and enables us to serve our customers in new and exciting ways,” said Mike Ballardie, CEO of Slinger. “We have been so impressed with the technology expertise and software development capabilities of the Gameface.AI team as part of their involvement in building out our Slinger app, and now look forward to bringing them in-house as a portfolio company as we build new software and technology products for tennis and other sports. Gameface.AI’s core capabilities are delivered through any camera or phone, which allows us to build consumer-friendly and scalable solutions for the sports market.”
“We are thrilled today to have signed an agreement to officially join the Slinger team,” said Jalal Shaik, the co-founder and CEO of Gameface.AI. “We believe that every athlete or coach should have access to high-performance analytics that are relevant and meaningful to them. The time is now for the democratization of high-performance coaching, and our AI technology helps players to train better and improve their performance. Additionally, there is also a real opportunity with AI to create new athlete and fan experiences through data points that previously were never captured. Many companies talk about using AI, but AI has been our sole focus and expertise as a company since 2015, and Slinger will now take what we have built to new levels and help us expand to meet the huge growth opportunities we see ahead.”
When the deal is closed, Slinger will acquire 100 percent of the issued and outstanding shares of Gameface.AI in exchange for 6,666,667 shares of Slinger’s common stock plus additional shares of Slinger’s common stock in value up to US$3,500,000 in contingent (earnout) considerations. The transaction is valued at $24 million based on the previous day’s closing price.
Photo courtesy Gameface.AI
