Gaming stalwart Everi Holdings will acquire the financial technology provider eCash Holdings, in a deal worth approximately $23m.
This agreement, which will begin with an initial $14m payment, will see Everi provided with an extended portfolio of customer locations throughout the United States and Australia.
The payments has a focus on payments systems and cash management. Originally founded 20 years ago, the company has seen significant growth across a number of jurisdictions.
Randy Taylor, Everi's President and CEO, said: "We are pleased to enter into this agreement to acquire eCash and welcome their entire team to Everi upon the closing of the transaction.
"eCash is a strategic addition to our growing global portfolio that will provide Everi with an entry into the large Australian gaming market thanks to their experienced team, proven product portfolio and established customer base. The acquisition will also provide us with an incremental customer base in certain US and other gaming markets we do not currently serve. Everi has never been better positioned as we continue to successfully execute our strategic growth initiatives."
Should certain growth targets be met, the deal can grow by a further $7m, totalling at around $30m. The acquisition will be funded by Everi’s existing cash on hand as well as future income. Payments will be sent in installments, beginning in 2023 and followed in 2024.
According to Darren Simmons, Everi’s Executive Vice President and FinTech Business Leader, the company is hopeful that the integration of eCash into its FinTech solution will significantly grow the business.
Andre Soussa, CEO of eCash added: "We are thrilled by the opportunity to join the gaming industry's FinTech leader. By integrating ecash's current products and markets with Everi's offerings, we will be able to add value across a much wider range of clients and unlock exciting new growth opportunities along the way."
