Everi Payments Inc., a wholly owned subsidiary of Everi Holdings, Inc. (NYSE: EVRI), a Las Vegas, NV-based provider of gaming products, fintech and player loyalty solutions in the gaming industry, recently bought some strategic assets of Micro Gaming Technologies, a provider of self-service casino loyalty and marketing products and promotional tools and apps.
Under the terms of the deal, Everi bought the assets of MGT for:
– an initial payment at the time of closing of $15m,
– a further $5m to be paid April 1, 2020, – and
– $5m on December 24, 2021.
The company is funding the transaction from existing cash on hand and future cash flow.
With the acquisition, Micro Gaming Technologies’ products and technologies for casino operators will be added to Everi and its portfolio of FinTech products and services. The deal also provides the acquiring company with a portfolio of customer locations where MGT’s solutions are currently installed, including at properties of many key Everi customers.
Incorporated in 1999 and based in Las Vegas, NV, MGT designs and develops applications for the casino industry including its flagship product – The MGT Promotional Intelligence Suite – which is comprised of several integrated computer applications and allows casino marketing departments to create and setup any type of promotion including scratch cards, electronic drawings, new member bonuses – parhaat bonukset – that a casino or gambling website has to offer, swipe-to-win, bounce backs, age or other demographic-based promotions. The system operates through an interface to the casino’s player tracking system and touch screen kiosks. When the player swipes their player’s card, the system instantly evaluates the player and determines the right reward from a prize matrix based on the reinvestment rate that was predefined for the players tier in the setup of the promotion. It can immediately print any prize; post points, comps or promotional credits back to the player’s account as well as issue electronic drawing entries, drawing entry multipliers and point multipliers.
Led by Michael D. Rumbolz, President and Chief Executive Officer, Everi provides entertainment technology solutions for the casino, interactive, and gaming industry. The company develops entertaining games and gaming machines, gaming systems and services, and provides core financial products and services, player loyalty tools and applications, and intelligence and regulatory compliance solutions to casino operators.
Following this deal, announced at the end of 2019, the company has already extended its relationship with the New York Lottery for 10 additional years to provide it with the video lottery central system through September 2029.