Sports data firm Two Circles has agreed to acquire engagement marketing agency Kore, according to multiple sources familiar with the matter. The deal, which sees Two Circles buying Kore from private equity firm Serent Capital, will elevate the combined company’s valuation to around $650 million.
Serent Capital originally acquired Kore in 2018 and has since overseen significant growth through a series of acquisitions. Kore’s employees and clients were informed of the sale earlier this week, though details about the purchase price remain undisclosed. According to sources, the majority of the combined company’s valuation comes from Two Circles' existing business.
Kore and Two Circles provide overlapping services, including sponsorship activation, fan engagement, ticket sales, partnership analysis, and data analytics. Kore’s client roster includes Major League Soccer’s Real Salt Lake, Dutch soccer team PSV Eindhoven, the NFL’s Jacksonville Jaguars, the NBA’s Oklahoma City Thunder, and global brands like New Balance and TaylorMade.
Two Circles, based in the U.K., is known for its data-driven approach to optimising sports rights and fan engagement. Its client base includes high-profile organisations like the NFL, Premier League, Formula 1, and Wimbledon. Earlier this year, private equity firm Charterhouse Capital Partners paid $315 million for a majority stake in Two Circles, followed by additional investments from Otro Capital and Bolt Ventures.
Kore has expanded aggressively in recent years, acquiring sponsorship analytics platform Hookit and the pro sports business of SSB, which focuses on fan engagement in college sports. The company also integrated London-based digital marketing firm Sports Alliance into its operations.
These acquisitions, completed by early 2023, doubled Kore’s size and prompted a rebranding from Kore Software to simply Kore, reflecting its broader service offerings.
Representatives from Two Circles, Kore, Serent, and William Blair, the investment bank managing the sale, did not immediately respond to requests for comment.