Everi Holdings Inc. announced that it has entered into an agreement to acquire ecash Holdings Pty Ltd., a privately owned, Australia-based developer and provider of innovative cash handling and financial payment solutions for the broader gaming industry in Australia, Asia, Europe and the United States.
Ecash’s products and technologies represent a strategic extension of Everi’s current suite of financial technology solutions within the fintech segment. The acquisition will provide Everi with a complementary portfolio of new customer locations throughout Australia, the United States and other geographies. The closing of the transaction, subject to customary conditions, is expected to occur within 60 days.
Everi will acquire Ecash for guaranteed payments totaling AUD$33 million (US$23.9 million), with an initial payment at the time of closing of AUD$20 million (approximately US$14 million) with the remaining payments to be made on each of the first and second anniversaries in 2023 and 2024, respectively, following the date of the transaction’s closing.
Subject to achieving certain growth targets, there will be an additional contingent payment of up to AUD$10 million, which could increase the total consideration up to AUD$43 million (US$31.1 million). Everi expects to fund the total purchase price from existing 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.”
“We are thrilled by the opportunity to join the gaming industry’s fintech leader,” said Andre Soussa, CEO of Ecash. “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, Soussa will be employed by Everi in the capacity of managing director, Australia.