Catapult Group (ASX: CAT) has completed an institutional placement worth $25 million to fund its growth efforts overseas and improve its product offering.
Catapult Group creates technology solutions that help sports teams and scientists around the world to train and play more effectively.
DLA Piper advised the sports tech company on its capital raising which is expected to embed the business further in the Americas, Europe and Asia.
In addition to growing its footprint overseas, Catapult aims to fund new strategies for its 'Elite' and 'Prosumer' segments to service both the professional and keen amateur markets.
The DLA Piper team was led by corporate partners David Ryan and Joel Cox and included senior associate Kelly Morrison and solicitor Amina Karcic. Cox says his team is proud of the overall outcome.
"We are pleased to have advised Catapult on this latest transaction," says Cox.
"This is a positive outcome and enables the expansion of market share for both their Elite and Prosumer offerings."
Since it was founded in 2006, Catapult has grown to include more than 300 staff throughout 16 countries.
It provides services to more than 1,500 teams across 35 different sports including American basketball team the Dallas Mavericks, and several EPL soccer players from teams including Chelsea FC, West Ham United and Tottenham Hotspur.
Catapult executive chairman Dr Adir Shiffman says the capital raising was an ideal result for the business given its transitional state.
"This is a great outcome for the company after what has been a period of positive transformation for the business which has ensured we are positioned to take on a significantly larger attainable market opportunity across both Elite and Prosumer," says Shiffman.
Catapult's share price at the time of writing (10:50am AEST) is $1.18.Never miss a news update, subscribe here. Follow us on Facebook, LinkedIn, Instagram and Twitter.
Business News Australia
Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support