Investible portfolio company LIGR acquired by global sportstech enterprise Crionet
ByÂ
Investible
December 1, 2023
Crionet, a leading sport tech enterprise with a global reach today announced its acquisition of the majority stake of LIGR, a company offering cloud-based graphics, streaming and highlights solutions for sports at all levels.
Founded in 2016 by Luke McCoy and Adam Burke, LIGR is renowned for providing cutting-edge cloud-based live graphics solutions for sports broadcasts. Our initial investment into the business was made in 2020 through the InvestibleEarly Stage Fund 1.
In 2021, Investible followed on, leading LIGR’s Pre-Series A round which included participation of new investors including Andrew Bogut and MindSpring Capital, as well as members of the Club Investible syndicate.
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Investible’s Chief Investment Officer Charlie Ill congratulated the LIGR team for a successful exit, saying “LIGR’s savvy approach to customer acquisition and product development during a turbulent macroeconomic environment has proven to be a successful strategy. We admire the resilience Luke, Adam and the team have shown and congratulate them on this exciting partnership and successful founding journey.”
This strategic move is a part of Crionet's broader project to establish itself as a prominent player in the sport tech sector. The acquisition brings several key advantages to the firm including an expansion of its product portfolio and an enhanced presence in the United States and Oceania where LIGR wide range of customers — sporting bodies and leagues —are based. Both Crionet and LIGR share a commitment to delivering high-level services and innovation, making them well-aligned for this partnership.
Giorgio Garcia-Agreda, Crionet's CEO, and Gaetano Guarino, the Chief Commercial Officer, expressed their enthusiasm for this strategic acquisition: “This marks a crucial step toward realising our ambition of offering comprehensive solutions to rights holders, leagues and broadcasting partners worldwide. We are thrilled to provide them with cutting-edge technologies such as the new generation of live graphics and innovative automatic streaming and highlights,while continuing to maintain our commitment to providing best-in-class service on a global scale.” Â
LIGR CEO and Co-Founder Luke McCoy also acknowledged the significance of this acquisition by Crionet: "In partnership with Crionet, LIGR is able to expand its distribution globally, enhance its product and foray into new sports. We are thrilled to be joining the Crionet Group and look forward to working with them to make live graphics, streaming and highlights more efficient for sporting teams, leagues and broadcasters efficient globally”.
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