The Catapult Group International Ltd (ASX: CAT) share price is pushing higher in afternoon trade.
At the time of writing the sports analytics and wearables company’s shares are up 2.5% to $1.78. Today’s gain stretches Catapult’s year to date gain to an impressive 137%.
Why is the Catapult share price pushing higher today?
Investors have been buying Catapult’s shares on Tuesday after it provided an update on its ClearSky product.
According to the release, following a comprehensive testing process, Catapult’s ClearSky technology has achieved FIFA Quality certification and was reported as the best-performing wearable technology in world football.
The Electronic Performance and Tracking System (EPTS) Performance Test was administered by Victoria University at Barcelona FC. An independent validation into the data accuracy of its local positioning system (LPS) shows that it achieved the highest score possible in five major categories measured, and second highest in another.
Pleasingly, no other wearable technology, either GPS- or LPS-derived, scored as highly as ClearSky.
The company’s new CEO, Will Lopes, was encouraged by the industry-leading results.
He said: “ClearSky is the leading athlete tracking solution in elite sport, so it was reaffirming to receive FIFA’s results proving its accuracy and validity. It’s a strategically important product for us given its flexibility to be installed in any stadium or training ground, indoors or outdoors, and track players with precision.”
“We continue to demonstrate customer-focused research and development following the launches of Catapult Vision and Vector, and we’re excited to receive the best wearable rating in the industry with ClearSky,” he added.
What is ClearSky?
ClearSky is Catapult’s flagship local positioning system. It provides an insight into inertial, physical, and tactical performance in the most challenging environments.
The system uses locally-installed sensors to deliver consistent, high quality, real-time data in any indoor and outdoor environment, and is used by top sports teams all around the world.
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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.