Racket Sports Tech

Connexa in the News

First, we heard about good financial results, such as

• Revenue up 29 percent for the quarter ending January 31, 2024

• Operating expenses reduced 26% year-to-date

• Operating loss improved 38% year-to-date

• Net income improved 92% for Q3 and 96% year-to-date

• Revenue on track for estimated 5% growth in FY24

Then came a press release I had a hard time understanding. It was titled quite ordinarily “Connexa Announces Entry into an Agreement to Acquire a 70% Stake in Yuanyu Enterprise Management Co., Limited for Cash and Shares.” It continued with some details, like “As part of this deal structure, there will be a change-in-control of Connexa following the appointment of a new board of directors, subsequent to which Slinger Bag Americas will be divested to a newly established entity.” Okay. Upon diving even deeper into the news I was surprised to learn that “Established in November 2021, YYEM is based in Hong Kong and operates in the emerging love & marriage market sector, where it owns significant proprietary intellectual property (IP) unique to this business sector, covering its online presence and underpinning its matchmaker operations.” Hu? Love and marriage matchmaking? I contacted Connexa CEO Mike Ballardie because I just couldn’t put two and two together. Here is Mike’s reply:

“While the Slinger Bag business remains intact, continues to be successful in its own right, and is poised to grow over the next few years, the reality is that our failed acquisitions of the loss-making PlaySight & Foundation Sports businesses have made it impossible to capitalize the Connexa business adequately without massive further dilution for shareholders and, despite having a robust Slinger Bag business, without a clear path to significantly enhancing our value for shareholders within the current public company set-up.

The merger company - Yuanyu Enterprise Management (YYEM) - is fully financed, is a much bigger business, and is poised for more rapid growth in a much larger marketplace.  While I never imagined that Connexa would enter the love & marriage space, YYEM is a highly reputable, advanced tech and AI company offering a shorter-term opportunity to deliver value for our shareholders than Slinger Bag, solely for Sports.

Having explored and exhausted every other possible outcome for the public company, and, after extensive discussions and negotiations, we came to the conclusion that merging with YYEM is simply the best option for the short and long term.

The outcome of this transaction will see me and my management team spin off Slinger Bag as a private company - allowing us to dedicate ourselves to growing the Slinger Bag business within the racquet sports environment, in what is a true back-to-the-future, win-win deal.”

Way to go, Mike. Keep churning out those Slingers. The market wants them!

Ashley’s Tech Blog

Crush Tax Season: Simplify Your Finances with CourtReserve's All-In-One Solution

As the tax deadline looms near, many businesses are in crunch mode trying to tidy up their financials and ensure their records are all in order. In this critical time, the ability to seamlessly review all financials within an all-in-one software solution becomes a life (and tax) saver. With that said, it’s important to partner with a software provider that understands the complexities of your financial needs and can deliver all you need in one modern, easy-to-use solution. 

By centralizing payment processing, businesses can bid farewell to the hassle of juggling multiple systems and enjoy streamlined financials from the time of collecting a player’s payment to tax season. There are three essential software provider components to acing your business’s budgetary needs in one place: collecting payments, robust reporting, and the ability to export to an accounting software. 

Collecting Payments

If you’ve spent the last year digging yourself out of a paperwork headache, it’s time to consider streamlining your payments in one place. Opt for a software solution that allows you to take payments from your players and members for all of the activities within your organization from reservations, lessons, events, programming and more. Make sure your system includes the ability to add revenue categories and taxes to ensure all of your bases are covered. When selecting a payment partner to integrate with your software solution, look for a software provider that offers Convenience Fees, which allow you to pass along any transaction or processing fees directly to the player.

Every Financial Report You Need

In the fast-paced world of business, informed decision-making is key to staying ahead of the curve. With access to financial reporting capabilities, businesses gain insights to a wealth of knowledge that can shape their future strategies. Whether it's analyzing revenue streams, tracking expenses, or identifying trends, financial reporting provides the clarity and visibility needed to make sound business decisions.

Search for a software that provides all the different types of financial reports you need to meet the diverse needs of your business and seamlessly finalize your taxes each tax season. Your club management software should notably include everything from a Transaction List Report, which provides a detailed breakdown of individual transactions, to a Sales Summary Report, a staple for end-of-month analysis. 

It’s also important to look for a software provider that understands the importance of being able to filter through certain criteria or time frames. By enabling only one filter—such as Fee Date, Reservation Date, or Payment Date—businesses can ensure accurate reporting without the risk of overlooking revenue. Additionally, CourtReserve supports both Cash Basis and Accrual Basis accounting methods, catering to the unique needs of each business.

Seamless Exporting into Accounting Software

Many businesses rely on QuickBooks for their go-to accounting software solution. But whether it’s QuickBooks or another accounting software provider, it’s essential to choose a club management platform that allows you to easily export all of your financials. With this ability, businesses can eliminate taxing manual data entry that would otherwise take them hours to do. Not only is this a huge time saver, but it also reduces the risk of errors, which can provide peace of mind during an often stressful tax season!

By leveraging all-in-one payment processing, easy-to-use financial reports, and seamless exporting into your preferred accounting software, businesses can confidently navigate tax season and set the stage for long-term success with the right platform. Enter CourtReserve, designed to address most of your business’s financial needs (and much, much more). With it, you can guarantee tax season will be much less daunting for you and your team for years to come.

Don't let tax season overwhelm you—embrace the power of CourtReserve and unlock your business's full potential today!

NGI Sports

Mike Burke of NGI sent us the following Quick Pulse on Industry Trends:
Each year, ASBA (American Sports Builder Association) surveys member companies on business in the current year compared to the previous year, expectations for the next year, growth factors, issues impacting their business, new or frequent requests from customers, and more.
Dive into the impactful surveys today: ASBA Market Research Sheds Light on Industry Trends

Sportradar: Learn how to take advantage of the in-play betting opportunity

Are you getting the most out of in-play betting? Find out by reviewing our latest white paper – ‘Maximizing the in-play sports betting opportunity in the evolving US market’. Inside, you’ll find:

• Exclusive data and insights on why in-play betting is the future of sports betting in the United States

• An overview of how both media and broadcast companies will play a major role in this opportunity coming to fruition

• An overview of the necessary data and technology for both media and broadcasters to maximize revenue and engagement from the in-play betting opportunity.

READ THE WHITE PAPER HERE

HEAD Auxetic 2.0

A technology that actively responds and gives real-time, super-accurate feedback? Yes, please! With Auxetic 2.0, you can increase the confidence in your game when you feel every shot, giving players a unique experience when compared to other non-Auxetic constructed racquets.

Check out the video to learn more.

BASELINE VISION

New Updates Available!
We’ve just released a new upgrade for both the app and Cam. Make sure you download now to get the best version of Baseline.

Version 6.13 includes:

• Improved stability for a better experience

• Enhanced line calling accuracy

• Smoother video downloads

Here are the instructions for updating your Cam.

SPORTS BUSINESS JOURNAL: Taylor Fritz becomes latest athlete to partner with sleep fitness company Eight Sleep

Eight Sleep's AI and machine learning models track bio signals during the night to help optimize recovery.

US tennis star Taylor Fritz is partnering with Eight Sleep, a sleep fitness company whose flagship product is a smart bed cover called “The Pod.”

Fritz told SBJ that he first used Eight Sleep’s products about a year ago and has noted tangible improvements to his recovery since. “Not only did it help my body feel more alert and ready to perform, but it also improved my mental game, keeping me more focused and sharp during long training sessions on the court and at the gym,” Fritz said. “It’s been an incredible tool for my performance.”

The partnership will see Fritz invest in and become an ambassador for Eight Sleep, travel with the product and create content alongside the company.

Read more here.