EVRI - Everi Holdings acquires horse racing games developer for initial $12.5M in cash

Everi Holdings (NYSE:EVRI) stated Tuesday that it has acquired Intuicode Gaming, a privately owned game development and engineering firm focused on historical horse racing games. The acquisition comes at $12.5M of initial payment, with two revenue target based additional payments. Everi told it expects total consideration to be $22-$27M, which will be fund through cash balance. In 2021, Intuicode generated over $10M in annual revenue from the sale of gaming machines and recurring participation revenue from game theme placements, the company said.  Dean Ehrlich, Everi's Executive Vice President and Games Business Leader stated: "This acquisition is a significant opportunity that brings substantial HHR knowledge and game development expertise to Everi that we expect will help expedite the development and commercialization of our extensive library of content into the HHR market and favorably position us for future growth." Stock is up 3.23% in premarket trading.

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Everi Holdings acquires horse racing games developer for initial $12.5M in cash