The Catapult Group International Ltd (ASX: CAT) share price has continued its positive run on Tuesday.
In morning trade the sports analytics and wearables company’s shares are up 3% to a 52-week high of $1.71.
This latest gain means the Catapult share price is now up over 125% since the start of the year.
Why is the Catapult share price on the rise today?
Investors have been buying Catapult’s shares after it announced that Rugby Australia has renewed its union-wide performance partnership and expanded it to include Catapult’s new Vector technology.
The new Vector platform focuses on optimising athlete performance, mitigating injury risk, and supporting return to play processes. Rugby Australia will be deploying it across all Australian representative teams, Super Rugby franchises, academies, and match officials.
This renewal sees Catapult and Rugby Australia’s partnership extend beyond 12 years. They first partnered in 2016 when GPSports agreed a contract with the Wallabies in 2006.
According to the release, the new agreement commenced with the Wallabies wearing the new Vector devices during their unsuccessful 2019 Rugby World Cup campaign in Japan.
As well as providing Vector devices to the senior men’s and women’s international squads, the agreement will see the technology platform used across all representative teams. This includes the Junior Wallabies, Australian U18s, and Rugby Sevens squads.
Furthermore, at a provincial level, the four Australian Super Rugby franchises will use the technology with their men’s, women’s and academy squads. The system will also be used to monitor the physical performance of match officials across elite rugby union in Australia.
Catapult’s executive chairman, Dr Adir Shiffman, said: “We are delighted to renew our partnership with Rugby Australia for another term, and expand the scope of our work together. Rugby Australia and Catapult share the same values of excellence and innovation, and we are excited to continue working together to drive the development of athlete monitoring and performance science in rugby union.”
This sentiment was echoed by the company’s new CEO, Will Lopes.
He said: “It’s fantastic that in my first few days at Catapult we are able to announce such an exciting partnership with the ARU. As the global market leader we are the logical partner for leagues around the world. Catapult is only just beginning to realise our potential, and this is what excites me about the opportunity we have ahead of us over the coming years.”
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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Catapult Group International Ltd. The Motley Fool Australia 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.