New York-listed Everi Holdings eyes international expansion with Atlas Gaming acquisition
Casino gaming software provider Everi Holdings has struck a deal to acquire assets including IP and game development technology from Australian pokies provider Atlas Gaming.
Nevada-based Everi, which is listed on Nasdaq under the EVRI ticker symbol, expects to complete the acquisition within the next 60 days.
Everi said the purchase would complement the firm’s existing game development studio and portfolio of titles while paving the way for expansion into international markets, including Australia.
The existing Atlas development and engineering team will move to Everi as part of the acquisition, which will be funded by existing cash on hand.
In a note to investors, brokerage B. Riley Financial estimated the undisclosed purchase price was likely in excess of $1m.
Dean Ehrlich, Everi EVP and games business leader, said Everi will now be able to deliver more original content to its clients, including for future partners beyond the US.
“We are excited to welcome members of the talented and experienced Atlas team to Everi,” said Ehrlich.
“We look forward to Atlas’ game developers and engineers bringing a global perspective that will help us execute a more robust product roadmap and support our growth strategy of delivering best-in-class content.
“This transaction strengthens Everi’s development capabilities and will further bolster the future expansion and differentiation of our gaming products.
“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,” he added.
Melbourne-based Atlas fell into dire straits at the back end of last year before BDO became the firm’s administrators in October 2021.
At the time, The Australian reported that 24 companies or individuals were owed a total of A$4.46m by Atlas Gaming Pty Ltd.