The purchase means Everi will go beyond its casino gaming market for the first time. Venuetize’s system provided an m-commerce platform for the sports, entertainment and hospitality sectors – thereby aiming to increase mobile channel engagement and leading to revenue opportunities.
Randy Taylor, Everi President and CEO, commented: "This acquisition will, for the first time, expand Everi's addressable market beyond casino gaming and also perfectly aligns with our capital allocation strategy, which has delivered a track record of success of executing on high-return accretive investments that expand our technology capabilities into new markets and new geographies.
“The complementary assets and established customer base of Venuetize being acquired together with our existing financial access; and loyalty products are expected to enable further growth into additional entertainment, sports and hospitality venues and also to create new crossover marketing opportunities with our existing customers.
Meanwhile, Jon Romm, Venuetize Founder and CEO, added: "I am thrilled at the opportunity to bring our expertise and leading solutions to the evolving mobile landscape in gaming.
“The knowledge and experience our team has gained in delivering seamlessly integrated and complex mobile-first platforms to stadiums, and other venues, will readily create an encompassing fabric to strengthen guest engagement across any gaming enterprise."
The deal is expected to be completed within 30 days, with Everi paying cash for the assets, and is subject to standard customary conditions.
This is not the first time Venuetize has made gambling industry news in recent weeks, following its deal with Churchill Downs Racetrack in September.