Once again it’s a case of another quarter, another record sales result for rapidly growing sports analytics company Catapult Group International Ltd (ASX: CAT).

This morning Catapult delivered another fantastic quarter which I believe goes some way to justifying the staggering 85% rise in its share price this year.

The first quarter of FY 2017 saw a record 2,039 units ordered (excluding sales contributed by the PLAYERTEK acquisition), an increase of 45% on the first quarter of FY 2016.

According to the release 73% of the units ordered were on a subscription, compared to just 38% in the prior corresponding period. CEO Shaun Holthouse was pleased with the growth in subscriptions and believes it is a sign that Catapult is making progress towards becoming a software-as-a-service dominant business.

It has been so far so good for the PLAYERTEK business it acquired. In the quarter it achieved sales of 709 units, with 365 of the units ordered coming after the acquisition closed on 12 August 2016.

XOS is the other business it acquired during the quarter and has also started strongly. The sports video, coaching, and officiating solutions provider signed an exclusive content distribution deal with Raycom Sports during the quarter.

Raycom Sports operates the ACC Network and distributes more than 500 live events through television and digital platforms each year. The agreement will see XOS provide archiving, enforcement, and content representation services for the entire Raycom Sports portfolio.

I believe this deal is not only very promising for XOS, but also for Catapult’s core business. Management sees lucrative opportunities to cross-sell Catapult’s services to customers of XOS, believing there are upwards of 4,549 Catapult units that could be deployed across its current client base.

Customer acquisitions didn’t stop there. As well as signing a binding memorandum of understanding for a league-wide deal with Australia’s National Basketball League, Catapult also signed up a number of new individual clients in the quarter. These included the likes of the LA Clippers, LA Kings, and Colorado State University.

I’m a big fan of Catapult and believe there is a huge amount of growth ahead for the company. But admittedly it does not come cheap. At 25x full year sales, Catapult comes at a premium to industry peer Dorsavi Ltd (ASX: DVL).

As a result it will have to maintain its strong growth rates to justify the current share price. Failure to do so is likely to see its share price get cut down sharply. For this reason I would class it as a high-risk investment currently.

Finally, if Catapult is too high risk for you then these quick-growing ASX shares might be more suitable for you. Each has strong growth ahead of it and the potential to bolt higher in the coming months if you ask me.

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Motley Fool contributor James Mickleboro has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.