Casino and financial technology business Everi Holdings has acquired certain strategic assets of Meter Image Capturing (MIC), a provider of progressive meter reporting solutions to the gambling sector.
Financial terms of the deal were not disclosed, but Everi confirmed it funded the acquisition from existing cash on hand and that it expects the purchase to be accretive to earnings and operating cash flow.
Launched in February 2020, MIC’s technology uses optical and voice recognition to record and store all progressive meter data of electronic gaming machines on a casino gaming floor.
The technology, currently deployed in more than 20 casinos, collects progressive meter data and automatically provide this data to back-end audit/financial departments.
“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,” Everi’s executive vice president and FinTech business leader, Darren Simmons, said.
“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.
MIC chief executive Patrick Schmit added: “Everyone at Meter Image Capturing is excited that the gaming industry’s FinTech leader, Everi, has chosen to incorporate our technology into their portfolio. “I’m confident MIC’s existing customers and future users will be thrilled with the technical advances and superior service Everi provides going forward.”
In August, Everi posted a comprehensive profit of $56.9m the first half of its 2021 financial year after seeing revenue more than double during the period.
Total revenue for the six months through to August 30 amounted to $311.7m, up 105.1% on the $152.0m posted in the first half of last year.