Everi Acquires Historical Horse Racing Games Developer Intuicode Gaming.

MANews-(C)2009-2022

US-based land-based and digital casino gaming content and products, financial technology and player loyalty solutions provider Everi Holdings Inc. (NYSE: EVRI) has acquired game development and engineering firm Intuicode Gaming Corp, a which is focused on Historical Horse Racing games, the company said.

In 2021, Intuicode generated over USD 10m in annual revenue from the sale of gaming machines and recurring participation revenue from game theme placements at HHR locations throughout the United States.

Intuicode and its experienced HHR game development team provide Everi with additional HHR expertise that will help the company accelerate its entry into and growth in the expanding HHR market.

The acquisition cost includes an initial payment of USD 12.5m, with two additional payments based on future revenue to be made on each of the first and second anniversaries of the acquisition's closing in 2023 and 2024.

Total consideration is expected to be USD 22m -- USD 27m, and Everi expects to fund the purchase price from existing cash on hand...

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