Everi Holdings, a Las Vegas-headquartered provider of a wide range of solutions for the gambling industry, on Monday announced that its wholly owned subsidiary Everi Payments Inc. has acquired strategic assets of Micro Gaming Technologies Inc.
Micro Gaming is a privately owned provider of self-service casino loyalty and marketing products, as well as related promotional tools and apps.
Everi said that it anticipates the acquisition to enhance its position in the rapidly growing market for casino loyalty and marketing technology, where it already boasts competitive footprint.
Micro Gaming provides its products and technological solutions to a number of casino operators. Everi said that the company, along with its portfolio of offering, would complement its own portfolio of FinTech solutions and services.
The recently agreed deal would also provide Everi with a set of customer locations where Micro Gaming’s products are already available, including existing Everi customers with properties that feature the company’s own solutions.
Under the terms of the acquisition, Everi has purchased certain assets of Micro Gaming. The company has agreed to pay an initial $15 million at the time of closing. A further $5 million is set to be paid on April 1, 2020, and $5 million will be paid on December 24, 2021. Everi said it plans to fund the acquisition from existing cash and future cash flow driven by the addition of Micro Gaming assets.
One-stop Shop of Comprehensive, Integrated Solutions
Commenting on the transaction, Everi Executive Vice President and FinTech Business Leader Darren Simmons said that the acquisition of Micro Gaming assets “will further strengthen our ability to provide our customers with a one-stop shop of comprehensive integrated solutions that enable a seamless, convenient experience for casino patrons while delivering operational efficiencies for casino operators.”
Mr. Simmons went on that the combination of their existing player loyalty and marketing solutions with those of Micro Gaming will better position Everi to provide its customers with a sophisticated suite of loyalty and marketing technology.
Everi has already begun crafting a roadmap for the integration of the best functionality of Micro Gaming’s platform with the best of their existing loyalty, marketing, and FinTech suite of products and services.
As noted by Mr. Simmons, the planned acquisition of the Micro Gaming assets represents an important step forward in their strategy to established casino-focused loyalty and marketing services as a “meaningful growth driver for our business.”
Aside from casino player loyalty tools and apps and marketing tools, Everi also focuses on the development of games, gaming machines, and related systems and services as well as financial products and services for the global casino gambling industry.
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