Everi is to expand its addressable market “beyond the casino gaming industry for the first time” after agreeing to acquire certain strategic assets of Venuetize.
The purchase, which the group added will also enhance its range of mobile capabilities to established gaming customers, is anticipated to “quickly become an important contributor” towards Everi’s mobile-first growth initiative.
Furthermore, Venuetize is expected to enhance the provider’s recurring revenues, as well as leverage combined capabilities and third-party integrations to further elevate the capabilities of the firm’s mobile and wallet offerings for gaming, and gaming-adjacent, customers
Venuetize, a provider of guest engagement and m-commerce platform for the sports, entertainment and hospitality industries, aims to elevate the guest experience and strengthen mobile channel engagement in a bid to drive incremental revenue opportunities.
The transaction is anticipated to close within 30 days, subject to customary conditions. The acquisition will be funded from existing cash on hand, and following completion Venuetize’s experienced team will join Everi.
Randy Taylor, President and Chief Executive Officer of Everi, explained “This acquisition will, for the first time, expand Everi’s addressable market beyond casino gaming and also perfectly aligns with our capital allocation strategy, which has delivered a track-record of success of executing on high-return accretive investments that expand our technology capabilities into new markets and new geographies.
“The complementary assets and established customer base of Venuetize being acquired together with our existing financial access and loyalty products are expected to enable further growth into additional entertainment, sports and hospitality venues and also to create new crossover marketing opportunities with our existing customers.”
Venuetize, whose tech is live in nearly 100 global venues, boasts alliances with more than 50 sports teams and event venues associated with nine pro sports leagues and multiple retail and entertainment districts.
In addition to expanding Everi’s addressable market, with more than 185 third-party technology integrations, Venuetize is also expected to accelerate the growth of the firm’s mobile wallet and loyalty offerings through an expanded array of products and integrations.
Jon Romm, Venuetize’s Founder and Chief Executive Officer, added: “I am thrilled at the opportunity to bring our expertise and leading solutions to the evolving mobile landscape in gaming.
“The knowledge and experience that our team has gained in delivering seamlessly integrated and complex mobile-first platforms to stadiums and other venues will readily create an encompassing fabric to strengthen guest engagement across any gaming enterprise.”