Everi Holdings Inc, a provider of casino gaming content and products, financial technology, and player loyalty solutions, has agreed to acquire ecash Holdings Pty Ltd, a developer, and provider of cash handling and financial payment solutions for the gaming industry.
In a statement, Everi said it will acquire ecash for guaranteed payments totaling $23.54m, with an initial payment at the time of closing of $14.27m. The remaining payments will be made on each of the first and second anniversaries in 2023 and 2024, respectively, following the date of the transaction’s closing.
Subject to achieving certain growth targets, there will be an additional contingent payment of up to $7.13m, which could increase the total consideration up to $30.68m. Everi expects to fund the total purchase price from existing cash on hand and future cash flow.
Once completed, the acquisition allows Everi access to ecash’s products and technologies, marking a strategic extension of its current suite of financial technology solutions within the FinTech segment. It will also provide Everi with a complementary portfolio of new customer locations throughout Australia, the United States, and other geographies.
Everi President and COO Randy Taylor commented: “We are pleased to enter into this agreement to acquire ecash and welcome their entire team to Everi upon the closing of the transaction.
“ecash is a strategic addition to our growing global portfolio that will provide Everi with an entry into the large Australian gaming market thanks to their experienced team, proven product portfolio, and established customer base. The acquisition will also provide us with an incremental customer base in certain US and other gaming markets we do not currently serve.”
Darren Simmons, Everi’s Executive VP and FinTech Business Leader, added: “The integration of ecash into our robust FinTech portfolio and ability to scale this complementary business represents a significant opportunity to further expand our leadership position in the space and further diversify the markets we serve.
“We also expect that several of our FinTech and RegTech products, such as our Trilogy Loyalty solutions and Anti-Money Laundering software, will have applicability and add value for Australian gaming operators.”
Andre Soussa, CEO of ecash, said: “We are thrilled by the opportunity to join the gaming industry’s FinTech leader. By integrating ecash’s current products and markets with Everi’s offerings, we will be able to add value across a much wider range of clients and unlock exciting new growth opportunities along the way.”
After closing, Soussa will be employed by Everi in the capacity of Managing Director, Australia.