Provider of gaming equipment for land-based and digital casinos Everi Holdings is expanding beyond the casino gaming industry with the acquisition of Venuetize.
Aligned with the Capital Allocation Strategy
The acquisition of Venuetize will expand Everi Holdings’ total addressable market for the first time outside of the casino gaming industry, while assets of the mobile-first technology supplier will broaden Everi’s range of mobile capabilities.
Commenting on the news, Randy Taylor, president and chief executive officer of Every Holdings, hailed the acquisition that aligns perfectly with the company’s capital allocation strategy based on “high-return accretive investments” that facilitate the expansion of the company’s “technology capabilities into new markets and new geographies.”
“The complementary assets and established customer base of Venuetize being acquired together with our existing financial access and loyalty products are expected to enable further growth into additional entertainment, sports and hospitality venues and also to create new crossover marketing opportunities with our existing customers,” Taylor added.
The acquisition of Venuetize will be funded from existing cash and is anticipated to close within 30 days subject to customary closing conditions. Upon completion of the transaction, the team at Venuetize is set to join Everi Holdings.
Happy to Bring ‘Expertise and Leading Solutions’
Thrilled at the opportunity to contribute with “expertise and leading solutions to the evolving mobile landscape in gaming,” Jon Romm, founder and chief executive officer of Venuetize, outlined the credentials of the company’s team.
“The knowledge and experience that our team has gained in delivering seamlessly integrated and complex mobile-first platforms to stadiums and other venues will readily create an encompassing fabric to strengthen guest engagement across any gaming enterprise,” Romm stated.
Live with 100 global venues and in partnership with more than 50 sports teams and event venues associated with the MLB, MLS, NBA, NHL, and National Women’s Soccer League, multiple retail and entertainment districts, Venuetize provides an advanced guest engagement and m-commerce platform for clients such as The PGA Tour, Churchill Downs, TD Garden Hub on Causeway Street, and others.
Everi Holdings’ executive vice president and FinTech business leader Darren Simmons outlined that “Venuetize will grow Everi’s base of recurring revenues” and elevate the company’s “capabilities of mobile and wallet offerings for gaming and gaming-adjacent customers.”
The acquisition of Venuetize is also expected to accelerate growth at Everi Holdings’ mobile wallet and loyalty offerings by bringing new mobile products and integrations to established gaming customers.