October 1, 2021 Casino, Technology, Land-Based

Everi acquires strategic assets from Meter Image Capturing

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Company says deal adds functionality to its fintech portfolio.

Everi Holdings, Inc., a provider of land-based and digital casino gaming content and products, financial technology and player loyalty solutions, on Friday said it is acquiring certain strategic assets of Meter Image Capturing, LLC (MIC).

According to Everi, MIC is a privately owned provider of progressive meter reporting technology that utilizes optical and voice recognition to accurately record and store all progressive meter data of electronic gaming machines on a casino gaming floor. The company said this significantly enhances the process and reduces the time casino operators spend on this daily task.

Financial terms of the deal were not disclosed, but Everi said the acquisition was funded from existing cash on hand.

Everi added it expects the acquisition to be accretive to earnings and operating cash flow.

Introduced to the gaming market in February 2020, Everi said in a statement MICs technology solution is a “revolutionary new system” designed to improve operating efficiencies by reducing labor costs created by the monotonous task of recording progressive values to stay compliant with regulatory requirements.

Everi said the technology collects progressive meter data “more accurately and exponentially faster” than typical methods commonly used in the gaming industry today, while automatically providing this data to back-end audit/financial departments.

MIC’s technology currently is deployed in more than 20 casinos, Everi noted.

“The acquisition of MIC’s innovative technology is highly complementary with our portfolio of fintech offerings that create efficiencies and cost savings for casino operators,” Darren Simmons, Everi’s executive vice president and fintech business leader, said in a statement. “This addition will allow our customers to streamline operations on their slot floor and back-of-house compliance audits.”

Simmons added: “MIC’s solution has been well-received since its introduction early last year and we expect to leverage our experienced sales and marketing team and broad distribution channels to significantly expand the product’s market awareness. This technology will seamlessly integrate with our Jackpot Xpress mobile product. Adding this functionality further enhances our comprehensive 'Digital Neighborhood' suite of financial, casino loyalty and regtech products and services, bringing commonality and continuity to operator workflows.”

MIC CEO Patrick Schmit said, “Everyone at Meter Image Capturing is excited that Everi has chosen to incorporate our technology into their portfolio. I am confident MIC’s existing customers and future users will be thrilled with the technical advances and service Everi provides going forward.”

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