The story
Portway Press Ltd was formed in 1948 by Phil Bull, who wanted to establish a mathematical link to a horse's performance, based on the time the horse recorded. At a time when such data was virtually unheard of, Bull started publishing a racing annual, which evolved into the "Racehorses Of.." series. The company was purchased for a reputed £15 million by the sports betting exchange Betfair in December 2006.
From Wikipedia’s article on Timeform, shared under CC BY-SA 4.0.4