Everi Holdings is acquiring ecash Holdings, a privately held company established in Australia that develops and provides innovative cash management and financial payment solutions for the gaming sector in Australia, Asia, Europe, and the United States.
Everi’s current spectrum of financial technology solutions, including ecash’s products and technologies, are a strategic extension of Everi’s current suite of FinTech solutions. Everi will gain a complementary portfolio of new customer locations in Australia, the United States, and other geographies as a result of the transaction. The transaction is scheduled to be completed within 60 days, subject to customary circumstances.
Everi will purchase ecash for AUD$33 million in guaranteed payments, with an initial payment of AUD$20 million (roughly US$14 million) made at the time of closing, and the remaining payments made on the first and second anniversaries, respectively, in 2023 and 2024, following the date of the transaction’s closing. There will be an extra contingent payment of up to AUD$10 million if certain growth targets are met, bringing the total consideration to AUD$43 million. Everi plans to pay for the entire purchase price with cash on hand and future cash flow.
“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 Chief Operating Officer. “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 U.S. 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.”
Darren Simmons, Everi’s Executive Vice President and FinTech Business Leader, said: “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.”
Andre Soussa, Chief Executive Officer of ecash said: “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.” Subsequent to closing, Mr. Soussa will be employed by Everi in the capacity of Managing Director, Australia.