Everi to acquire certain assets of Atlas Gaming
Undisclosed cash deal for Australia-based developer to be completed within 60 days
Nevada-based Everi Holdings (Everi), who provide land-based and digital casino gaming content and products, financial technology and player loyalty solutions, has announced it has agreed to acquire certain strategic assets, including game development technology and intellectual property, of the Australia-based developer and provider of proprietary gaming content, Atlas Gaming and Atlas Gaming Technologies (Atlas) for an undisclosed sum.
Everi expects the deal to be completed within the next 60 days and Atlas’ development and engineering team members will join Everi as part of the deal. Everi expect to fund the acquisition from existing cash in hand. It held over $216m in cash and equivalents as of 30 September 2021. Everi shares (NYSE EVRI) traded 3.24% higher at $20.74 on Tuesday afternoon following the news.
Dean Ehrlich, Everi’s executive vice president, advised: “We are excited to welcome members of the talented and experienced Atlas team to Everi. We look forward to Atlas’ game developers and engineers bringing a global perspective that will help us execute a more robust product roadmap and support our growth strategy of delivering best-in-class content.”
“This transaction strengthens Everi’s development capabilities and will further bolster the future expansion and differentiation of our gaming products. We expect to leverage the Atlas development team and purchased assets to provide more original content for our current customer base while creating an opportunity to further penetrate the markets Atlas has historically served, including Australia.”
Last month Everi announced that CEO Michael D. Rumbolz will be appointed executive chairman of the board and that current COO Randy L. Taylor will succeed Rumbolz as CEO. Taylor will also be appointed to the board of directors. All appointments effective from 1 April, 2022.