Everi Holdings’ wholly owned subsidiary Everi Payments has acquired certain strategic assets of Micro Gaming Technologies, a privately owned provider of self-service casino loyalty and marketing products and promotional tools and apps.
According to the firm, MGT’s products, software and technologies for casino operators represent an attractive, complementary addition to its portfolio of FinTech products and services. The acquisition also provides it 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 $15m, with a further $5m to be paid by April 1 2020 and $5m on December 24 2021. The company expects to fund the acquisition from existing cash on hand and future cash flow.
Darren Simmons, 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.