American casino gaming technologies firm Everi Holdings Incorporated has announced the signing of an agreement that is to see it purchase ‘certain strategic assets’ of Australian developer Atlas Gaming.
The Las Vegas-headquartered company used an official Tuesday press release to declare that the arrangement will involve it buying the ‘game development technology and intellectual property’ of the target’s Atlas Gaming Proprietary Limited and Atlas Gaming Technologies Proprietary Limited arms. The Nevada enterprise also pronounced that it expects this understanding for an undisclosed amount to close ‘within the next 60 days’ so as to further bolster its mission of leading the global gaming industry ‘through the power of people, imagination and technology.’
Increase intention:
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 innovator’s Executive Vice-President, Dean Ehrlich, used the press release to pronounce that the arrangement with Atlas Gaming will furthermore allow his enterprise to ‘complement its existing game development studios and portfolio of games’ while providing it with ‘a pathway for future expansion into new international markets.’
Staff shift:
As part of this deal and Ehrlich noted that members of the engineering and development teams for Melbourne-headquartered Atlas Gaming Proprietary Limited and Atlas Gaming Technologies Proprietary Limited will be joining the ranks of Every Holdings Incorporated in order to assist in the execution of ‘a more robust product roadmap.’ The executive moreover asserted that this entire transaction is being funded from his company’s existing cash reserves and is to allow it to better deliver ‘best-in-class content.’
Read a statement from Ehrlich…
“We are excited to welcome members of the talented and experienced Atlas Gaming team to Everi Holdings Incorporated. This transaction will strengthen our development capabilities and will further bolster the future expansion and differentiation of our gaming products. We expect to leverage the Atlas Gaming’s 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 Gaming has historically served including Australia.”
Financial fitness:
This deal has been unveiled only two months after Everi Holdings Incorporated detailed that its operating income for the third quarter had increased by almost 180% year-on-year to reach approximately $55.1 million courtesy of an impressive 50.1% rise in consolidated revenues to around $168.3 million. All of this took its net income for the three-month period up to roughly $6.7 million from adjusted earnings before interest, tax, depreciation and amortization of about $90.6 million.
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