The Catapult Group International Ltd (ASX: CAT) share price could be on the move on Friday after the sports analytics and wearables company released an update on its North American operations.
According to the release, Catapult has continued to make strong progress in the North American market. So much so, it has now surpassed its key milestone of 1,000 North American teams using its world-leading suite of products.
Who is using Catapult’s products?
Soccer teams continue to be the biggest users of its products in the North American market.
After which, American football and ice hockey are the next the largest by client numbers with 257 teams and 203 teams, respectively, now using Catapult’s suite of products.
Amongst its most elite clients are 29 of the 32 National Football League (NFL) teams and all 31 National Hockey League (NHL) teams.
In addition to this, the company has successfully penetrated the college market. It works extensively within the US collegiate system and now counts 584 National Collegiate Athletic Association (NCAA) teams as clients, covering 372 universities.
Whilst this might sound like a large number, it is still only scratching at the surface of the overall market opportunity.
Management advised that it sees a strong opportunity to continue its positive momentum in the NCAA market “where there are over 9,000 teams under the NCAA umbrella and more than 460,000 NCAA student-athletes that compete in 24 sports every year.”
Furthermore, it notes that the largely untapped college market is complemented by the significant opportunity for revenue expansion across existing Catapult clients. This expansion occurs as teams add additional players to their subscriptions and by teams subscribing to more products from its suite.
The release also advises that the North American market has been an early adopter of its full stack of performance technology solutions. A growing number of organisations now use the full suite of wearable technology, video analysis, and athlete management software. These include the Arizona Cardinals, the University of Virginia, and the University of Louisville.
Catapult’s executive chairman, Dr. Adir Shiffman, said: “Catapult’s Australian roots mean our North American business is often underestimated – despite being our largest geography by revenue. We continue to focus on cementing Catapult as the global leader in elite sports performance technology, and North America is a key contributor towards this vision.”
Dr Shiffman added: “Catapult is one of very few Australian technology companies to have achieved industry-leading success in North America, which is a rare feat. We are very grateful to all of our partners for placing their trust in our technology, and are committed to driving our strong innovation pipeline for the benefit of all our clients globally.”
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Catapult Group International Ltd. 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 Scott Phillips.