Ranadive’s company provided Kings with $400,000 worth of technology
03/05/2014 12:37 PM
03/05/2014 1:04 PM
So how much does it cost to build a smartphone app with a Kings cowbell? As much as $400,000, apparently.
Sacramento Kings Chairman Vivek Ranadive’s software company provided the team with $400,000 worth of software and technology services last year, the company told its shareholders this week.
In its annual proxy statement to shareholders, Tibco Software Inc. of Palo Alto didn’t spell out the nature of the work performed for the Kings. Team spokeswoman Laura Braden said Tibco designed the Kings’ new smartphone app and provided software for its “engagement lab,” a department in the Kings organization that tests out data-analysis and other technological tools.
The app, which debuted when the season began last October, includes a virtual cowbell, a video of Kings center DeMarcus Cousins screaming and other features.
Tibco’s disclosure underscores the close ties the company has forged with the Kings since Ranadive led a group of investors that bought the team from the Maloof family last May.
In exchange for Tibco’s technology, the Kings gave the team signage at Sleep Train Arena, sponsorship opportunities and other “promotional and marketing rights,” the company said. The deal also gave Tibco the opportunity to develop a product “that we can showcase to other potential customers,” the company said.
Ranadive said in an interview last fall that other sports teams have been asking Tibco about the new Kings app.
While the deal was tiny for a company that reported revenue of $1.07 billion last year, Tibco was obligated to report on the agreement because of Ranadive’s dual role as Kings chairman and Tibco’s chairman and chief executive. He said last fall that the deal with the Kings was approved by Tibco’s board.
The proxy also shows that Ranadive controlled $296 million worth of Tibco shares as of Feb. 7. His total compensation last year, including stock awards, came to $8.1 million.
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