The wholly-owned Everi Payments subsidiary of Everi Holdings has purchased some strategic assets from Micro Gaming Technologies, a private provider of self-service casino rewards and marketing products and advertising tools and software.
MGT’s products, applications and technology for casino operators are, according to the company, an enticing addition to its FinTech products and services portfolio. The transaction also includes a portfolio of customer locations where MGT’s products are currently being deployed, including many main Everi customers ‘ assets.
Under the terms of the deal, at the time of the closing of $15 m, Everi purchased some MGT properties for an initial payment, with another $5 m to be charged by April 1 2020 and $5 m on December 24, 2021. The company expects current cash on hand and potential cash flow to fund the purchase.
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.”
— Everi (@everi_inc) December 30, 2019