Everi to Acquire Strategic Assets of Venuetize
Everi Holdings has announced that it has agreed to buy certain strategic assets of Venuetize, an innovator of mobile-first technologies.
Venuetize is a privately owned innovator of mobile-first technologies that provide an advanced guest engagement and m-commerce platform for the sports, entertainment, and hospitality industries. Venuetize collaborates with its clients and partners with their venue ecosystem to elevate the guest experience and strengthen their mobile channel engagement, leading to incremental revenue opportunities.
“This acquisition will, for the first time, expand Everi’s addressable market beyond casino gaming and also perfectly aligns with our capital allocation strategy, which has delivered a track-record of success of executing on high-return accretive investments that expand our 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,” Randy Taylor, President and CEO of Everi, said.
The transaction is anticipated to close within 30 days, subject to customary conditions. The acquisition will be funded from existing cash on hand. Following the acquisition of these assets, Venuetize’s experienced team will join Everi.
“Venuetize will grow Everi’s base of recurring revenues, and leverage our combined capabilities and third-party integrations to further elevate the capabilities of our range of mobile and wallet offerings for both gaming and gaming-adjacent customers. We are excited to welcome the talented Venuetize team to Everi. We look forward to adding their expertise and the company’s innovative technology solutions, which we expect will quickly become an important contributor toward our ongoing mobile-first growth initiatives. Having already established itself as a leading mobile platform provider in the sports, venue and entertainment markets, the addition of Venuetize begins an exciting new chapter for Everi, catapulting us into an expanding mobile space with recognized clients and venues known around the world,” Darren Simmons, Executive Vice President and FinTech Business Leader of Everi, said.
“I am thrilled at the opportunity to bring our expertise and leading solutions to the evolving mobile landscape in gaming. 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,” Jon Romm, Founder and Chief Executive Officer of Venuetize, said.
