Betting group Everi has announced that they've come to terms to purchase specific assets from the mobile platform group Venuetize.
The financial terms of the deal weren't disclosed, nor were the specific assets that Everi is looking to obtain. The company has indicated that the purchase will see Everi expanding beyond casino gaming to hospitality and entertainment businesses. Everi recently announced a record high set of revenues of $197.2 million during its second quarter.
Regarding the purchase Everi CEO Randy Taylor said, "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."
Venuetize CEO Jon Romm also commented, adding: "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."