Everi Holdings’ subsidiary Everi Payments has acquired certain strategic assets of Micro Gaming Technologies (MGT), a privately-owned provider of self-service casino loyalty and marketing products and promotional tools and apps.
MGT’s products, software and technologies for casino operators represent an attractive, complementary addition to Everi’s portfolio of FinTech products and services, according to a press release. The acquisition also provides Everi with a portfolio of customer locations where MGT’s solutions are currently installed, including at properties of many key Everi customers.
Under the terms of the transaction, Everi acquired certain assets of MGT for an initial payment of $15 million, with a further $5 million to be paid April 1, 2020 and $5 million on December 24, 2021. Everi expects to fund the acquisition from existing cash on hand and future cash flow.
“The acquisition of the MGT assets will further strengthen our ability to provide our customers with a one-stop shop of comprehensive, integrated solutions that enable a seamless, convenient experience for casino patrons while delivering operational efficiencies for casino operators,” said Darren Simmons, executive vice president and FinTech business leader for Everi. “By combining our existing Everi player loyalty and marketing solutions with these assets from MGT, we will be better positioned to offer our customers the industry’s most extensive suite of loyalty and marketing technology.”