Everi Acquires Strategic Assets From Provider of Casino Loyalty and Marketing Technology, Micro Gaming Technologies
December 30 2019 - 8:30AM
Everi Holdings Inc. (NYSE: EVRI) (“Everi” or the “Company”), 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
April 1, 2020 and $5 million on December 24, 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.”
Forward-Looking StatementsThe
forward-looking statements in this press release are subject to a
variety of risks and uncertainties, including those set forth under
the heading “Risk Factors” and “Management’s Discussion and
Analysis of Financial Condition and Results of Operations” in our
periodic reports filed with the Securities and Exchange Commission
(the “SEC”), including, without limitation, our Annual Report on
Form 10-K for the year ended December 31, 2018, and are based on
information available to us on 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
statements, including the acquisition of certain assets discussed
herein and any expected benefits from those assets and combining
said assets with Everi’s existing business, speaks only as of the
date, today December 30, 2019, on which it is made, and we do not
intend, and assume no obligation, to update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise, except as required by law.
About Everi Holdings Everi is a
leading supplier of imaginative entertainment and trusted
technology solutions for the casino, interactive, and gaming
industry. With a focus on both customers and players, the Company
develops entertaining games and gaming machines, gaming systems and
services, and is the preeminent and most comprehensive provider of
core financial products and services, player loyalty tools and
applications, and intelligence and regulatory compliance solutions.
Everi’s mission is to provide casino operators with games that
facilitate memorable player experiences, offer seamless and secure
financial transactions for casinos and their patrons, and deliver
software tools and applications to improve casino operations
efficiencies and fulfill regulatory compliance requirements. Everi
provides these products and services in its effort to help make
customers successful. For more information, please visit
www.everi.com, which is updated regularly with financial and other
information about the Company.
Contacts:Investor
RelationsEveri Holdings Inc.William PfundVP, Investor
Relations702-676-9513 or william.pfund@everi.com
JCIRRichard Land, James Leahy212-835-8500 or
evri@jcir.com
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