Everi Holdings Inc. has recently announced that its subsidiary Everi Payments Inc. has acquired certain strategic assets of Micro Gaming Technologies Inc. (MGT). MGT offers self-service casino loyalty along with promotional tools, apps, and marketing products. Everi Holdings, on the other hand, offers gaming products, player loyalty and financial technology solutions in the gaming space and thus, Everi and MGT together make an attractive combination. Everi can now also access those locations where MGT provides its solutions, which also includes the location of many of its own customers. Everi has acquired assets with an initial payment of $15 million and the rest to be paid in installments of $5 million each on 1st April 2020 and 24 December 2021, which it has planned to pay with cash available from existing and future earnings.
Everi Holdings is one of the major suppliers of technology and imaginative entertainment solutions specially evolved for the interactive gaming and casino industries. The primary objective of the company is to develop gaming machines, create entertainment games, gaming systems and various associated services. It 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 Executive Vice President and FinTech Business Leader, Darren Simons, has remarked,
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.
Although the Vice President sounds optimistic about the acquisition, there are certain risks and challenges that are also involved. These have been voiced under the section of “Risk Factor” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the press release. Therefore consumers and associated businesses are advised not to place too much reliance on any forward-looking statement as these statements also come with associated risks and are valid for the date they are being released on. However, the acquisition is expected to bring positive results overall for both Everi Holdings and MGT as it would give Everi a competitive advantage and a step forward towards its’ dream of a “digital neighborhood.”