Everi Holdings continues Australian spending spree with A$43m acquisition of payment supplier ecash
The acquisition price consists of A$20m in cash, with remaining payments up to a total value of A$33m to be made on the first and second anniversaries of the closing of the deal in 2023 and 2024.
The deal is expected to close within the next 60 days, and the guaranteed A$33m purchase price may be followed by an additional contingent payment worth up to A$10m subject to the business achieving certain growth targets.
Everi expects to fund the total purchase price from existing cash on hand and future cash flow.
The supplier said the acquisition will provide it with a complementary portfolio of new customer locations throughout Australia, the US and other geographies.“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 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 US 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.”Andre Soussa, CEO of ecash, added: “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.”
Following the deal’s closing, Soussa will be employed by Everi in the capacity of MD for Australia.
Last month, Everi agreed to acquire another Australian business, gaming machine supplier Atlas Gaming, in an undisclosed deal expected to be worth upwards of $1m.
“We expect to leverage the Atlas development team and purchased assets to provide more original content for our current customer base while creating an opportunity to further penetrate the markets Atlas has historically served, including Australia,” said Dean Ehrlich, Everi EVP and games business leader at the time of the announcement.