Madison Square Garden Sports, which manages the NBA’s New York Knicks and the NHL’s New York Rangers, has announced plans to invest up to $10m (£8.2m/€9.3m) in security technology company Xtract One Technologies.
The initial investment of $6.3m is effective immediately, with the subsequent $3.7m being conditional on the approval of Toronto-based Xtract One’s shareholders and all applicable regulatory approvals.
The investment is designed to enable Xtract One, which was formerly known as Patriot One Technologies, to innovate its advanced security solution and accelerate its growth into new market segments.
Xtract One seeks to prioritise the patron access experience by leveraging artificial intelligence. It provides perimeter screening and security services, replacing “obsolete” walk-through metal detectors with a frictionless experience.
Peter Evans, chief executive of Xtract One, said: “We are thrilled to announce this investment and partnership with MSG Sports. We continue to see impressive growth in market interest and customer adoption of our security technology solutions. I believe this relationship will create unique opportunities and benefit multiple industries.”
Xtract One changed its name from Patriot One Technologies in December in a move the company said reflects its “people-first ethos”. The company serves arenas and stadiums, ticket venues and attractions, casinos, workplaces and schools.
Xtract One recently struck a partnership with Oak View Group, with the venue operator introducing patron screening technology at several of its facilities.
MSG Sports was formed in April 2020 after the split of Madison Square Garden Company’s sports and entertainment assets was completed. MSG Entertainment and MSG Sports have since operated as separate entities.
MSG Entertainment oversees programming and venues including Manhattan’s Madison Square Garden arena, while MSG Sports comprises professional sports franchises including the Knicks and the Rangers.