Everi to purchase Video King assets for just under $60m
The new 59 million dollar deal will expand Everi’s catalog of offerings with a portfolio of products focused on the land-based vertical, such as top-quality titles and portable gambling tablets. The firm will also get access to a list of existing partnerships and clients across Video King’s over 60 licensed regions.
Everi CEO Randy Taylor remarked:
“Throughout the past few years, we have had quite a lot of success in executing acquisitions that have been able to deliver significant enhancements to our products. We have also been able to scale those successful purchases to further enhance our cash flow and revenue metrics, and we are certain that our latest acquisition of Video King will be no different.”
Tim Richards, the Chief Strategy Officer and Executive VP of Everi stated:
“Our latest acquisition of Video King will provide us with excellent opportunities to scale the reach of our gambling titles and utilize our online loyalty and payment offerings in a unique new way. As the number of people interested in retail gambling activities is growing, we are certain that this collaboration with the Video King’s team will be able to help us expand at pace.”
The co-Founder and CEO of Video King, Tim Stuart, commented:
“Through our latest acquisition by Everi, we will be able to further enhance our gambling offerings and deliver an expanded list of engaging games and experiences to our loyal client base. Everi’s catalog of excellent games and innovative retail technology solutions will also help our company expand rapidly across worldwide markets.”
Lastly, Everi added in its statement that the contract will be finalized in the span of 60 days and is expected to have an immediate positive impact on the firm’s cash flow and EBITDA figures.