Everi Acquires Assets Of Mobile Platform Provider Venuetize

Everi Acquires Assets Of Mobile Platform Provider Venuetize
  • Everi Holdings Inc EVRI has agreed to acquire certain strategic assets of Venuetize Inc, a privately-owned mobile platform provider in the sports, venue and entertainment markets.
  • The deal is expected to expand Everi's addressable market beyond the casino gaming industry and broaden the range of mobile capabilities to its established gaming customers.
  • Venuetize's technology is live in nearly 100 global venues, including partnerships with more than 50 sports teams and event venues.
  • Under the terms of the asset purchase agreement, the company will make an initial payment at the time of closing of $18 million less any deposit previously provided.
  • Subject to achieving specific revenue growth targets over the subsequent thirty-month period post-closing, additional contingent performance payments are expected to be $2 million - $6 million. 
  • The transaction is anticipated to close within thirty days and will be funded from existing cash on hand.
  • Following the acquisition of the assets, Venuetize's team will join Everi.
  • The company held $238.21 million in cash and equivalents as of June 30, 2022.
  • "Venuetize will grow Everi's base of recurring revenues, and leverage our combined capabilities and third-party integrations to further elevate the capabilities of our range of mobile and wallet offerings for both gaming and gaming-adjacent customers," said Darren Simmons, EVP and FinTech Business Leader of Everi.
  • Price Action: EVRI shares closed higher by 2.53% at $16.63 on Monday.

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