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Why the Catapult share price is charging 6% higher today

The Catapult Group International Ltd (ASX: CAT) share price is on form again on Thursday.

In morning trade the sports analytics and wearables company’s shares are up 6% to $1.94.

This means that Catapult’s shares have now risen a sizeable 24% since the start of the year.

Why is the Catapult share price charging higher?

The Catapult share price has been charging higher on Thursday following the release of an update on its U.S. business.

According to the release, Major League Rugby (MLR) has implemented Catapult’s technology for all 12 of its teams starting with the 2020 season.

MLR is the premier rugby union competition in North America. It has a 17-week regular season that kicks off in February and follows a league-plus-knockout format where teams play 16 regular season matches for a chance to advance to the playoffs. Matches are broadcast on CBS Sports Network and internationally on Facebook Live.

The league’s commissioner, George Killebrew, used Catapult previously when working for the Dallas Mavericks.

He revealed that he is excited to deploy a league-wide solution to enhance the development of North America’s best rugby players.

“I’m pleased to be partnering with Catapult once again to utilise their top of the line sports technology capabilities. I know the difference that their products can make for professional athletes and I feel this partnership is crucial for continued development of our athlete’s training, and our league analytics,” Mr Killebrew said.

Other signings.

In addition to this deal, Catapult revealed that it has signed multiple high profile and strategic elite clients in the U.S. in the last month.

This includes Cleveland Indians and Toronto Blue Jays, Texas Tech University, Stanford University, University of Iowa, and Los Angeles FC and New York Red Bulls academy.

This follows the recently announced signing of DIMAYOR, Colombia’s premier football competition. Earlier this month Catapult revealed that DIMAYOR will implement Catapult for all 36 of its teams across its first and second divisions. This includes both wearable technology and video analysis products.

Catapult CEO, Will Lopes, believes these deals reinforce the leadership position of Catapult.

He said: “League-wide deals are extremely important for us as a business because they validate the importance that our products bring to athletes and teams in helping them reach peak performance and stay healthy. They also allow us and our league partners to work on opportunities like fan engagement applications that don’t present themselves in a team-by-team setting.”

“Being able to announce DIMAYOR and Major League Rugby in the first few weeks of 2020 is a compelling reason for why we’re excited for the future of Catapult as the leading sport performance platform,” he added.

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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.