A subsidiary of Las Vegas-based gaming equipment manufacturer Everi Holdings Inc. on Monday acquired a small privately held company that specializes in casino loyalty and marketing software.
The $20 million acquisition of Las Vegas-based Micro Gaming Technologies Inc. by Everi Payments Inc. will enable Everi to add to its marketing and loyalty products by further expanding its financial technology portfolio.
“We see a significant opportunity for growth in the player loyalty market and the planned acquisition of the MGT assets represents a significant step forward in our goal to establish loyalty and marketing-based services as a meaningful growth driver for our business,” said Everi Executive Vice President Darren Simmons.
Under terms of the deal, Everi acquired some assets of MGT for an initial payment of $15 million when the deal closed with an additional $5 million to be paid by April 1 and $5 million on Dec. 24, 2021. Everi expects to fund the acquisition from cash on hand and future revenue.