Ecash provides services for the gaming industry within Australia, Asia, Europe and the US; its products will extend the current suite of financial technology solutions already offered by Everi, particularly within the FinTech sector. In addition, Everi will acquire a portfolio of new customer locations, such as throughout Australia and the US. The transaction is set to be complete, pending conditions, within 60 days.
The acquisition of Ecash will cost Everi a total of AU$33m (around US$23.4m), with an initial payment of AU$20m.
Each remaining payment will be made annually in 2023 and 2024, following the date of the transaction’s closure. An additional contingent payment of up to AU$10m will be paid according to set growth targets. This could increase the total up to AU$43m.
"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 COO.
"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."
Darren Simmons, Everi EVP and FinTech Business Leader, commented: "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."