Everi, the provider of land-based and digital casino gaming content and products, financial technology, and player loyalty solutions, announced the purchase of Intuicode Gaming today.
The Intuicode Gaming Corporation is a privately owned game development and engineering firm with a focus on Historical Horse Racing games, also known as "HHR" games. With over $10m in revenue generated in 2021 from the sale of gaming machines and recurring participation revenue, Everi will attempt to extend its growth in the HHR market.
Initially, the acquisition cost $12.5m, with two more payments in 2023 and 2024 being based on future revenue. Total consideration is expected to be $22m to $27m. Everi expects to fund the purchase price from existing cash on hand and future cash flow.
Everi's Executive Vice President and Games Business Leader, Dean Ehrlich, said: "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."
He continued: "We are excited to welcome members of the Intuicode team to Everi, and we look forward to combining our respective strengths to develop new content as well as convert our proven, player-popular games to address the growing HHR market."
It was announced on April 18 that Everi would announce its Q1 2022 financial reports before the market opens on May 10. There will also be a conference call and a simultaneous webcast at 11:00 a.m. ET / 8:00 a.m. PT that day.
