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Why the Catapult share price is racing higher today

The Catapult Group International Ltd (ASX: CAT) share price is storming higher in morning trade on Thursday.

At the time of writing the sports analytics and wearables company’s shares are up 7.5% to $1.82.

Why is the Catapult share price racing higher?

Investors have been buying the company’s shares this morning following the release of a positive announcement.

According to the release, Catapult has signed a deal with DIMAYOR for Colombia’s top two football divisions – the Liga BetPlay DIMAYOR and the Torneo BetPlay DIMAYOR.

DIMAYOR has chosen to implement Catapult for all 36 of its premier Colombian football teams. These teams will use both wearable technology and video analysis products.

The release explains that the landmark three-year deal includes a combined total of 720 Vector X7 and G7 (a goalkeeper-specific device utilising advanced analytics) wearable devices.

DIMAYOR’s President, Jorge Enrique Vélez, said: “In the DIMAYOR we believe that technology in sport is a tool that helps to enhance competencies and that is why we are always analysing how we have agreements with innovative companies in football.”

Mr Vélez spoke very highly of Catapult and its products. “Catapult is a leading company in the monitoring of athletes in different disciplines, we as administrators of Colombian Professional Soccer are interested in clubs having the best inputs to preserve the physical integrity of the players and this new technological service that will enable this.”

“We will have the most modern equipment of Catapult and thus we achieve an excellent agreement with them, so that they are our allies with the sports departments of the teams, in maximizing the performance of the players,” he added.

DIMAYOR is just the latest in a growing number of clients in the region. Its LATAM team currently services over 100 clients in the region, with a particularly strong presence in Argentina, Brazil, Chile, Ecuador, and Paraguay.

Catapult’s new CEO, Will Lopes, appeared to be very pleased with the deal.

“This deal is a testament to the world-class nature of our performance products and shows that the investment we’ve made in Vector is helping drive the market and ensuring teams and leagues are enhancing the physical performance of their athletes. We’re also extremely motivated by the implementation of Vision, a video analysis tool we’ve engineered to bridge the gap between coaches and sports science, at the league level.”

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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.