Everi agrees to acquire fintech provider ecash Holdings for up to A$43m

Las Vegas-based Everi Holdings has reached an agreement to acquire cash handling and financial payment solutions firm ecash Holdings Pty Ltd.

This acquisition will provide Everi with a new portfolio of customer locations throughout Australia, the US and beyond. The transaction, which is subject to customary conditions, is expected to conclude within 60 days.

Everi will acquire ecash for a guaranteed sum of A$33m (£17m), with an initial fee at the time of closing being A$20m with the rest of the payments being made on each of the first two anniversaries of the close of the transaction. If growth targets are met then an additional payment of A$10m will be made, which could increase the total to A$44m.

Everi’s president and COO Randy Taylor 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.”

CEO of ecash Andre Soussa said: “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.”

Once the deal has been closed, Soussa will be employed by Everi as the Australian managing director.

On 12 January, Everi announced that it had agreed to acquire another Australian firm, Atlas, for an undisclosed fee.