Everi Holdings acquires strategic assets of Micro Gaming Technologies
30 December 2019
(PRESS RELEASE) -- Everi Holdings Inc., a premier single-source provider of gaming products, financial technology and player loyalty solutions in the gaming industry, today announced that its wholly owned subsidiary Everi Payments Inc. has acquired certain strategic assets of Micro Gaming Technologies Inc. (“MGT”), a privately owned provider of self-service casino loyalty and marketing products and promotional tools and apps. MGT’s products, software and technologies for casino operators represent an attractive, complementary addition to Everi’s portfolio of FinTech products and services. The acquisition also provides Everi with a portfolio of customer locations where MGT’s solutions are currently installed, including at properties of many key Everi customers.
Under the terms of the transaction, Everi acquired certain assets of MGT for an initial payment at the time of closing of $15 million, with a further $5 million to be paid 1 April 2020 and $5 million on 24 December 2021. Everi expects to fund the acquisition from existing cash on hand and future cash flow.
Darren Simmons, Everi’s Executive Vice President and FinTech Business Leader, said, “The acquisition of the MGT 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. By combining our existing Everi player loyalty and marketing solutions with these assets from MGT, we will be better positioned to offer our customers the industry’s most extensive suite of loyalty and marketing technology. We have already begun the process of developing a roadmap for integrating the best functionality of MGT’s platform with the best of our existing loyalty and FinTech suite of products and services with an eye towards further strengthening our overall solution set.
“We see a significant opportunity for growth in the player loyalty market and the planned acquisition of the MGT assets represents a significant step forward in our goal to establish loyalty and marketing-based services as a meaningful growth driver for our business. In addition, combining the product capabilities of MGT’s solutions with our innovative existing and planned FinTech digital products will help accelerate the development and commercialization of our ‘Digital Neighborhood.’ We are extremely focused on driving our vision of providing seamless, integrated, real-time, self-service connections that offer our casino customers the ability to aggregate a guest’s interactions providing for a 360-degree view of their spending patterns within the casino enterprise.”