Everi Holdings Has Acquired Intuicode Gaming in a Deal Worth over $20M
Everi Holdings, the digital casino gaming content and services provider to land-based operators, has acquired the Intuicode Gaming Corporation in a deal worth over $20 million.
Intuicode is a game development and engineering company that focuses on Historical Horse Racing (HHR) games. Intuicode sells gaming machines and places them at HHR locations throughout North America. In 2021 the revenue from this operation generated over $10 million. Everi is looking for growth in the HHR market and is hoping to use the expertise at Intuicode to help with this strategy.
Everi will fund the purchase of Intuicode from cash in three installments, with the total package expected to be between $22 and $27 million. The first payment will be $12.5 Million, with a further two payments made each year, based on revenues from the acquisition.
This acquisition is a significant opportunity that brings substantial HHR knowledge and game development expertise to Everi that we expect will help expedite the development and commercialization of our extensive library of content into the HHR market and favorably position us for future growth. We are excited to welcome members of the Intuicode team to Everi, and we look forward to combining our respective strengths to develop new content as well as convert our proven, player-popular games to address the growing HHR market.