The Catapult Group International Ltd (ASX: CAT) share price has raced higher in morning trade on Thursday.
At the time of writing the sport analytics and wearables company's shares are up 5% to $1.03.
Why is the Catapult share price racing higher?
This morning Catapult provided an update on the progress it has made with national teams globally using its products.
According to the release, Catapult now has over 150 national teams across 12 sports on its books following recent wins in Europe and Asia.
Some of these recent signings include reigning FIFA World Cup champion French Football Federation, the Football Association of Wales, the Korea Football Association, and the Romanian Football Federation.
As you might have noticed above, a large number of teams using its products are association football (soccer) teams. Around two thirds of the national teams that it has signed are soccer clubs, which management believes underscores "the company's global dominance in that sport" and reinforces its success as "the leading provider of elite performance technology solutions to national teams globally."
Cosmin Contra, head coach at the Romanian Football Federation, said: "Catapult technology helps us measure physical parameters both in training and in matches and this is happening in real time. Using Catapult we can greatly increase our quality and prevent injuries."
The director of Business Development at the French Football Federation, Pauline Gamerre, was also full of praise.
She said: "We are delighted to be able to work with Catapult as a member of the FFF Performance Centre. Catapult's experience and the effectiveness of their solutions make them a leader in their field and we are looking forward to working together to put the best technologies and cutting-edge sports science at the heart of the Performance Centre."
In addition to this, the company revealed that its partnership with the Confederation of African Football is progressing well.
Management advised that 2,650 athlete monitoring solutions are being rolled out to help 54 national teams across Africa optimise performance, reduce injury risk, and manage return to play processes.
Should you invest?
Whilst the company is clearly making a lot of progress, I'm not a buyer of its shares just yet.
I would suggest investors wait for the release of its financial results instead of acting on these kind of announcements.
In the meantime, small cap tech shares such as ELMO Software Ltd (ASX: ELO) and Zip Co Ltd (ASX: Z1P) may be worth a closer look.
