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.