Complementary acquisition will extend Everi’s FinTech reach into the vast Australian gaming market for cash and payment processing solutions
LA VEGAS, February 7, 2022 /PRNewswire/ — Everi Holdings Inc. (NYSE: EVRI) (“Everi” or the “Company”), a leading provider of land-based and digital casino gaming content and products, financial technology and Player Loyalty, today announced that it has entered into an agreement to acquire Ecash Holdings Pty Ltd. (“ecash”), a private company, AustraliaDeveloper and provider of innovative cash management and financial payment solutions for the entire gaming industry in Australia, Asia, Europe and United States. Ecash’s products and technologies represent a strategic extension of Everi’s current suite of financial technology solutions within the FinTech segment. The acquisition will provide Everi with a complementary portfolio of new customer sites across Australia, United States and other geographic areas. Closing of the transaction, subject to customary conditions, is expected to occur within 60 days.
Everi will acquire ecash for secured payments totaling A$33 million, with an initial payment at closing of A$20 million (approximately $14 million), with the remaining payments to be made on each of the first and second anniversaries in 2023 and 2024, respectively, after the closing date of the transaction. Subject to the achievement of certain growth targets, there will be an additional contingent payment of up to A$10 million, which could increase the total consideration up to A$43 million. Everi expects to finance the entire purchase price from existing cash on hand and future cash flows.
“We are pleased to enter into this agreement to acquire ecash and welcome their entire team to Everi upon closing of the transaction,” said Randy Taylor, president and chief operating officer of Everi. “ecash is a strategic addition to our growing global portfolio that will provide Everi with an entry into the large Australian gaming market through its experienced team, proven product portfolio and established customer base. The acquisition will also provide us with a customer base additional in certain US markets and other in-game markets that we do not currently serve. Everi has never been better positioned as we continue to successfully execute our strategic growth initiatives.
Darren Simmons, Executive Vice President of Everi and Head of FinTech, said: “The integration of ecash into our strong FinTech portfolio and the ability to scale this complementary business represents a significant opportunity to further expand our position as leader in the space and to further diversify the markets we serve. We also expect many of our FinTech and RegTech products, such as our Trilogy™ Loyalty solutions and anti-money laundering software will have applicability and added value for Australian gaming operators.”
André SoussaCEO of ecash, said, “We are thrilled to have the opportunity to join the fintech leader in the gaming industry. By integrating ecash’s current products and markets with Everi’s offerings, we will be able to add value to a much wider range of customers and unlock exciting new growth opportunities along the way.” After closing, Mr. Soussa will be employed by Everi as Managing Director, Australia.
Caution Regarding Forward-Looking Statements
This press release contains “forward-looking statements” as defined in the United States Private Securities Litigation Reform Act of 1995. In this context, forward-looking statements often contain words such as “intends”, “anticipates”, “seek”, “expect”, “plan”, “believe”, “goal”, “target”, “future”, “estimate”, “may”, “should”, “well positioned” or “will ” and similar expressions to identify statements. Forward-looking statements in this press release include, among other things, statements regarding the expected timing for the completion of the transaction and the expected benefits of the transaction, including market share and future operating and financial results.
The forward-looking statements contained in this press release are subject to additional risks and uncertainties, including those set forth under the headings “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our filings with the Securities and Exchange Commission (the “SEC”), including, without limitation, our Annual Report on Form 10–K for the fiscal year ended December 31, 2020 filed with the SEC on March 15, 2021 and subsequent periodic reports, and are based on the information available to us at the date hereof.
These cautionary statements qualify our forward-looking statements and you are cautioned not to place undue reliance on these forward-looking statements. Any forward-looking statement contained herein speaks only as of the date on which it is made, and we do not intend, and undertake no obligation, to update or revise any forward-looking statement, whether whether as a result of new information, future events or otherwise.
This press release should be read in conjunction with our most recent reports on Forms 10-K and 10-Q, and information included in our other filings with the SEC. It is important to understand the information contained in these documents in order to fully understand our reported financial results and our business outlook for future periods.
Everi’s mission is to lead the games industry through the power of people, imagination and technology. With a focus on player engagement and helping casino customers operate more efficiently, the company develops entertaining gaming content and gaming machines, gaming systems and services for land-based and iGaming operators. . The company is also a preeminent, comprehensive provider of trusted financial technology solutions that power casinos while improving operational efficiency and meeting regulatory compliance requirements, including products and services that facilitate convenient and secure cash-based financial transactions. and cashless, self-service player loyalty tools and apps, as well as regulatory and intelligence software. For more information, please visit www.everi.com, which is regularly updated with financial and other information about the Company.
ecash is one of australia leading innovators in payment systems and cash management technology. The company was founded by André Soussa and Richard Sousse over 20 years ago and has since grown to become the leading innovator and provider of payment technologies, such as cash redemption terminals in the gaming industry in Australia. ecash has expanded its payment technology products into several key markets internationally and is expanding its Fintech product line with a mission to be a key strategic partner in gaming and hospitality.
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SOURCEEveri Holdings Inc.