Everi is set to expand its fintech reach into the Australian gaming market for cash handling and payment solutions, as well as “other gaming markets we do not currently serve,” via the purchase of ecash.
The Australia-based firm develops and provides cash handling and financial payment solutions for the gaming industry within its home market, in addition to Asia, Europe and the US.
Darren Simmons, Everi‘s executive vice president and fintech business leader, commented: “The integration of ecash into our robust fintech portfolio and ability to scale this complementary business represents a significant opportunity to further expand our leadership position in the space and further diversify the markets we serve.
“We also expect that several of our fintech and regtech products, such as our trilogy loyalty solutions and anti-money laundering software, will have applicability and add value for Australian gaming operators.”
Everi asserts that ecash’s products and technologies “represent a strategic extension” of its current financial technology solutions within the fintech segment, with the purchase to provide an array of new customer locations.
The transaction is for guaranteed payments totaling AU$33m, consisting of an initial payment at the time of closing of AU$20m (approximately US$14m), with the remaining payments to be made on each of the first and second anniversaries in 2023 and 2024.
Subject to achieving certain growth targets, there will be an additional contingent payment of up to AU$10m, which could increase the total consideration up to AU$43m.
“We are pleased to enter into this agreement to acquire ecash and welcome their entire team to Everi upon the closing of the transaction,” said Randy Taylor, Everi’s president and CEO.
“ecash is a strategic addition to our growing global portfolio that will provide Everi with an entry into the large Australian gaming market thanks to their experienced team, proven product portfolio and established customer base.
“The acquisition will also provide us with an incremental customer base in certain US and other gaming markets we do not currently serve. Everi has never been better positioned as we continue to successfully execute our strategic growth initiatives.”
The closing of the transaction, subject to customary conditions, is expected to occur within 60 days.
Andre Soussa, CEO of ecash, who will become MD of Australia at Everi upon closing, added: “We are thrilled by the opportunity to join the gaming industry’s fintech leader.
“By integrating ecash’s current products and markets with Everi’s offerings, we will be able to add value across a much wider range of clients and unlock exciting new growth opportunities along the way.”
