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Everi To Acquire Australia-based ecash Holdings For AUD$33 Million

Posted on February 17, 2022 | 11:30 am

Everi Holdings, the American supplier of slot machines and financial equipment for casinos, has announced that it has reached an agreement to acquire ecash Holdings Pty Ltd., an Australian company which develops and provides cash handling and financial payment solutions for the gaming industry.

Ecash Holdings has been on the market for over 20 years, providing its payment solutions to government, gaming and retail industries in Australia, Europe, the United States of America and several locations in Asia.

The products and technologies developed by ecash Holdings represent a significant extension of Everi’s current portfolio of financial technology products. Moreover, after the acquisition Everi will also boost its portfolio of customers, mainly in Australia and the United States. The transaction is expected to be completed over the next couple of months.

The price of the transaction is 33 million Australian dollars, with Everi having to make an initial payment of 20 million Australian dollars at the time of closing and then pay the difference on the first and second anniversaries, in 2023 and 2024. The deal also includes an additional contingent payment of up to 10 million Australian dollars, depending on the achievement of certain growth milestones.

Everi announced that it expects to fund the purchase from existing cash on hand and future cash flow. Randy Taylor, President and Chief Operating Officer of Everi, underlined that the acquisition gives his company “an entry into the large Australian gaming market” thanks to the experienced team at ecash Holdings.

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Second Australian Acquisition In 2022

Everi Holdings is on a shopping spree in Australia in 2022, as the acquisition of ecash Holdings is the second they completed since the start of the year. In January, Everi announced that it reached an agreement with Atlas Gaming Technologies, an Australian developer and gaming content provider, to acquire some of its strategic assets.

The two parties have not disclosed the financial terms of the agreement, but confirmed that the object of the purchase was game development technology from Atlas Gaming, along with intellectual property.

Everi also revealed that it expected to close the deal within the next two months, adding that the assets acquired from Atlas Gaming would complement its existing game development infrastructure along with the portfolio of games.

The deal between the two companies also included the transfer of key members of the development and engineering team at Atlas Gaming to Everi in order to help implement the technologies into the acquiring company. Atlas Gaming Technologies has an experience of over 20 years in the gaming industry.

Source: “Everi To Acquire Financial Technology Provider- Ecash Holdings Pty Ltd.“Everi. February 9, 2022.

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