American casino gaming technologies firm Everi Holdings Incorporated has announced its acquisition of historical horseracing games developer Intuicode Gaming Corporation.
The Las Vegas-headquartered firm used an official Tuesday press release to detail that it has stumped up $12.5 million in cash so as to buy the privately-owned target while agreeing to surrender performance-based payments over the course of the next two years that could take the eventual final purchase price up to as high as $27 million.
Everi Holdings Incorporated is responsible for supplying customers around the world such as the Ontario Lottery and Gaming Corporation and Penn National Gaming Incorporated with a range of land-based and online casino content and products in addition to player loyalty and financial technology solutions. The company stated that it is funding its acquisition of Intuicode Gaming Corporation from ‘existing cash on hand and future cash flow’ in order to ‘enter the historical horseracing games market.’
Dean Ehrlich serves as the Executive Vice-President and Games Business Leader for Everi Holdings Incorporated and he used the press release to assert that the purchase of Intuicode Gaming Corporation is destined to accelerate his own enterprise’s ‘entry into historical horseracing market.’ He moreover declared that the Florida-based firm ‘generated over $10 million in annual revenues’ last year from the provision of its innovations and ‘game theme placements at historical horseracing locations’ situated across the length and breadth of the United States.
Read a statement from Ehrlich…
“This acquisition is a significant opportunity that brings substantial historical horseracing knowledge and game development expertise to Everi Holdings Incorporated that we expect will help expedite the development and commercialization of our extensive library of content into the historical horseracing market and favorably position us for future growth. We are excited to welcome members of the Intuicode Gaming Corporation team to Everi Holdings Incorporated and we look forward to combining our respective strengths to develop new content as well as convert our proven and player-popular games to address the growing historical horseracing games market.”
Everi Holdings Incorporated’s takeover of Intuicode Gaming Corporation comes only about four months after the company inked a deal to purchase ‘certain strategic assets’ of Australian games developer Atlas Gaming for an undisclosed amount. This arrangement followed a year in which the Nevada firm saw its net income swell by over 287% year-on-year to an all-time high of $152.9 million thanks to a 72% boost in aggregated revenues to a record $660.4 million.