Accelerates the company’s entry into the HRH market
LA VEGAS, May 3, 2022 /PRNewswire/ — Everi Holdings Inc. (NYSE: EVRI) (“Everi” or the “Company”), a leading provider of land-based and digital casino gaming content and products, financial technology and player retention, today announced that it has acquired Intuicode Gaming Corporation (“Intuicode”), a privately held game development and engineering company focused on historical horse racing (“HHR”) games. In 2021, Intuicode generated more than $10 million in annual revenue from the sale of gaming machines and in recurring participation revenue from placements of game themes in RHS locations throughout United States. Intuicode and its experienced RHS game development team provide Everi with additional RHS expertise that will help the company accelerate its entry and growth in the expanding RHS market.
The acquisition cost includes an initial payment of $12.5 millionwith two additional payments based on future revenues to be made on each of the first and second anniversaries of the Acquisition closing in 2023 and 2024. The total consideration is expected to be $22 million – $27 millionand Everi expects to fund the purchase price from existing cash and future cash flows.
Dean EhrlichEveri’s Executive Vice President and Head of the Games business, said, “This acquisition is a significant opportunity that brings to Everi substantial HHR knowledge and game development expertise that we hope will contribute to accelerate the development and commercialization of our extensive library of content in the HHR market. We are delighted to welcome members of the Intuicode team to Everi, and we look forward to combining our respective strengths to develop new content and convert our proven and popular games to meet the growing HRH market.”
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Everi’s mission is to lead the games industry through the power of people, imagination and technology. With a focus on player engagement and helping casino customers operate more efficiently, the company develops entertaining gaming content and gaming machines, gaming systems and services for land-based and iGaming operators. . The company is also a preeminent, comprehensive provider of trusted financial technology solutions that power casinos while improving operational efficiency and meeting regulatory compliance requirements, including products and services that facilitate convenient and secure cash-based financial transactions. and cashless, self-service player loyalty tools and apps, as well as regulatory and intelligence software. For more information, please visit www.everi.comwhich is regularly updated with financial and other information about the Company.
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SOURCEEveri Holdings Inc.