EVRI - Everi to acquire fintech provider Australia-based ecash for A$43M

Everi (NYSE:EVRI) to acquire privately owned, Australia-based, ecash for guaranteed payments totaling A$33M with an initial payment of A$20M on transaction closure while remaining payments to be made on each of the first and second anniversaries in 2023 and 2024, respectively. Transaction is expected to close within 60 days. Based on achieving certain growth targets, there will be an additional contingent payment of up to A$10M thereby increasing total consideration to A$43M. The company expects to fund the acquisition price from existing cash on hand and future cash flow. ecash develops and provides innovative cash handling and financial payment solutions for the broader gaming industry in Australia, Asia, Europe and U.S. The acquisition will provide Everi with a complementary portfolio of new customer locations throughout Australia, U.S. and other geographies. "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,"

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Everi to acquire fintech provider, Australia-based ecash for A$43M