The Catapult Group International Ltd (ASX: CAT) share price has been a very strong performer on Tuesday.
In afternoon trade, the sports analytics and wearables company’s shares are up over 8% to $1.39.
Why is the Catapult share price racing higher?
Investors have been bidding the Catapult share price higher today following a rebound in the tech sector and the release of a positive announcement.
In respect to the latter, this morning Catapult revealed that it has signed a multi-year deal with the single largest sports federation in the world, the German Football Association.
According to the release, the deal will see the German Football Association leverage Catapult’s technology to capture performance data via video, track athlete performance via wearables, and improve the analysis infrastructure at all levels of the German National Football Team.
Management believes this multi-solution contract is the latest proof of the market demand for Catapult’s combined suite of solutions since it acquired SBG Sports Software in June 2021. The company’s integrated platform allows coaches to bring athlete data sets directly to the video screen.
Management commentary
Catapult’s CEO, Will Lopes, commented: “We strive everyday to unleash the potential of every athlete and team, and we’re proud to partner with the prestigious German Football Association to fulfil that ambition. We’re looking forward to partnering with the DFB to unlock what even the best coaches in the world cannot see on film or from the sidelines. This technology will empower athletes at all levels with data and insights to perform at their best.”
This sentiment was echoed by the Head of Analysis for the German Football Association, Christofer Clemens.
He said: “Catapult’s solutions allow us to make objective decisions about how we train our athletes and how we establish our competitive advantage over opponents. It gives coaches and athletes confidence that they are seeing a full view of performance for everyone on the pitch. This deal will power our insights over a number of years.”
The post Here’s why the Catapult (ASX:CAT) share price is racing 7% higher today appeared first on The Motley Fool Australia.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended Catapult Group International Ltd. The Motley Fool Australia owns and has recommended Catapult Group International Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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