Progressive Meter Reporting Technology Adds New Functionality to Everi’s FinTech Portfolio
LAS VEGAS, Oct. 1, 2021 /PRNewswire/ — Everi Holdings Inc. (NYSE: EVRI) (“Everi” or the “Company”), a premier provider of land-based and digital casino gaming content and products, financial technology and player loyalty solutions, today announced that it is acquiring certain strategic assets of Meter Image Capturing, LLC (“MIC”), a privately owned provider of progressive meter reporting technology that utilizes optical and voice recognition to accurately record and store all progressive meter data of electronic gaming machines on a casino gaming floor, significantly enhancing the process and reducing time casino operators spend on this daily task. The acquisition was funded from existing cash on hand and Everi expects the acquisition to be accretive to earnings and operating cash flow. Financial terms were not disclosed.
Introduced to the gaming market in February 2020, MIC’s technology solution is a revolutionary new system designed to improve operating efficiencies by reducing labor costs created by the monotonous task of recording progressive values to stay compliant with regulatory requirements. The technology collects progressive meter data more accurately and exponentially faster than typical methods commonly used in the gaming industry today, as well as automatically provide this data to back-end audit/financial departments. The MIC technology is currently deployed in more than 20 casinos.
Darren Simmons, Everi’s Executive Vice President and FinTech Business Leader, said, “The acquisition of MIC’s innovative technology is highly complementary with our portfolio of FinTech offerings that create efficiencies and cost savings for casino operators. This addition will allow our customers to streamline operations on their slot floor and back-of-house compliance audits. MIC’s solution has been well received since its introduction early last year and we expect to leverage our experienced sales and marketing team and broad distribution channels to significantly expand the product’s market awareness. This technology will seamlessly integrate with our award-winning Jackpot Xpress™ mobile product. Adding this functionality further enhances our comprehensive ‘Digital Neighborhood’ suite of financial, casino loyalty and RegTech products and services, bringing commonality and continuity to operator workflows.
“Everyone at Meter Image Capturing is excited that the gaming industry’s FinTech leader, Everi, has chosen to incorporate our technology into their portfolio,” said Patrick Schmit, MIC’s Chief Executive Officer. “I’m confident MIC’s existing customers and future users will be thrilled with the technical advances and superior service Everi provides going forward.”
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The forward-looking statements in this press release are subject to additional risks and uncertainties, including those set forth under the heading “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our filings with the Securities and Exchange Commission (the “SEC”), including, without limitation, our Annual Report on Form 10–K for the fiscal year ended December 31, 2020 filed with the SEC on March 15, 2021 and subsequent periodic reports, and are based on information available to us on the date hereof.
These cautionary statements qualify our forward-looking statements, and you are cautioned not to place undue reliance on these forward-looking statements. Any forward-looking statement contained herein speaks only as of the date on which it is made, and we do not intend, and assume no obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
This press release should be read in conjunction with our most recent reports on Form 10–K and Form 10–Q, and the information included in our other filings with the SEC. Understanding the information contained in these filings is important in order to fully understand our reported financial results and our business outlook for future periods.
Everi’s mission is to lead the gaming industry through the power of people, imagination and technology. Focused on player engagement and assisting our casino customers to operate more efficiently, the Company develops entertaining game content and gaming machines, gaming systems, and services for land-based and iGaming operators. The Company is also the preeminent provider of trusted financial technology solutions that power the casino floor while improving operational efficiencies and fulfilling regulatory compliance requirements, including products and services that facilitate convenient and secure cash and cashless financial transactions, self-service player loyalty tools and applications, and regulatory and intelligence software. For more information, please visit www.everi.com, which is updated regularly with financial and other information about the Company.
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SOURCE Everi Holdings Inc.