Miivo AI (TSX-V:MIVO) said it will acquire First Five Partners Sàrl, a Switzerland-based sports advisory and digital transformation business, as it expands into the European sports technology market.
First Five helps sports organizations grow the commercial value of their audiences through data, technology and digital transformation, with expertise in fan engagement, audience intelligence and digital capability development.
Miivo will pay CHF 288,000 (about C$490,420) for all of the issued and outstanding shares of First Five. Half is payable in cash at closing, with the remainder satisfied through a vendor loan note maturing six months after closing.
Miivo said the deal gives it an established operational presence in Europe and access to relationships across the international sports ecosystem. First Five counts the International Olympic Committee, the International Basketball Federation and Premier Padel among its clients.
"We believe the acquisition of First Five represents a compelling strategic opportunity for Miivo to expand our reach within the global sports industry," said Alexander Damouni, Miivo's CEO.
Miivo said it expects the combined business to support sports organizations across the full digital transformation lifecycle, from strategy development through implementation, integration, analytics and ongoing managed services. The company also pointed to additional recurring revenue opportunities and new industry verticals for its AI and technology offering.
Nick Hyett, First Five's CEO, will become Miivo's chief strategy officer upon closing. He will support growth across North American and European markets and help develop AI solutions for sports organizations.
"We couldn't be more excited to join Miivo," Hyett said. "This transaction opens the door for First Five and its customers to benefit from its AI solutions, while preserving the entrepreneurial and technical culture that has driven our success."
