GGRAsia – Everi to acquire some assets of software provider Venuetize

Everi to acquire some assets of software provider Venuetize

Oct 05, 2022 Newsdesk Industry Talk, Latest News

Casino equipment maker and financial technology (fintech) supplier Everi Holdings Inc says it will expand its “range of mobile capabilities” to its gaming customers via an agreement to acquire “certain strategic assets” of Venuetize Inc, a firm specialising in the design and development of software products.

The acquisition would “enhance Everi’s player loyalty and guest engagement technology capabilities,” said the firm in a Tuesday press release. Details of the deal were not disclosed in the announcement.

Venuetize is a privately-owned “innovator of mobile-first technologies that provide an advanced guest engagement and mobile commerce platform for the sports, entertainment and hospitality industries,” according to the statement.

Venuetize is said to offer technology and a connected payments platform that can be integrated with existing infrastructure at a variety of venues, to provide mobile wallets, advertising, information, and other applications.

“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,” said Randy Taylor, Everi’s president and chief executive, in prepared remarks.

Mr Taylor said Everi would be acquiring “complementary assets” and a “established customer base” from Venuetize.

In addition to expanding Everi’s presence into what it termed “gaming-adjacent” industries, via “more than 185 third-party technology integrations,” Venuetize was also expected to “accelerate the growth of Everi’s mobile wallet and loyalty offerings with established gaming customers through an expanded array of new mobile products and integrations,” stated Everi.

It is anticipated the transaction will close within 30 days. The acquisition will be funded from existing cash on hand. Following the acquirement of the relevant assets, “Venuetize’s experienced team will join Everi,” said the latter company.

Darren Simmons, Everi’s executive vice president and fintech business leader, said Venuetize would “grow Everi’s base of recurring revenues, and leverage our combined capabilities and third-party integrations to further elevate the capabilities of our range of mobile and wallet offerings for both gaming and gaming-adjacent customers.”

In a separate release on Tuesday, Everi said it would launch “new games and a new gaming cabinet” at this year’s edition of Global Gaming Expo (G2E) in Las Vegas, Nevada, running from October 10 to 13.

The company said it would launch at the show the Dynasty Vue cabinet, part of its new Dynasty series of game cabinets, as well as approximately 50 new original game themes and seven new licensed branded titles.