- Everi Holdings Inc EVRI has acquired Intuicode Gaming Corporation, a game development, and engineering firm focused on Historical Horse Racing games (HHR).
- Total consideration is expected to be $22 million - $27 million. Everi will initially pay $12.5 million, with two additional payments based on future revenue.
- The acquisition will provide Everi with HHR expertise to help accelerate its entry into and growth in the HHR market.
- In 2021, Intuicode generated over $10 million in annual revenue from the sale of gaming machines and game theme placements at HHR in the U.S.
- Everi expects to fund the purchase price from existing cash on hand and future cash flow. It held $302 million in cash and equivalents as of December 31, 2021.
- Price Action: EVRI shares are trading lower by 0.17% at $17.92 on the last check Tuesday.
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