Everi Holdings $59 M Acquisition of Video King Indicates Increased Level of Growth

Everi Holdings has finally agreed to a $59 M acquisition of Video King. This will see Everi Holdings take over the majority of Video King's assets for the agreed $59 Million fee. The primary private owners will retain a share. The deal is subject to customary closing conditions, including net working capital adjustments. Both companies expect to close the deal within 60 days. Everi Holdings expects to fund this acquisition with cash in hand and instantly input to the company's adjusted EBITDA and free cash flow upon closing.
Two man shaking hands on a deal.
Everi Holdings $59 M Acquisition of Video King Indicates Increased Level of Growth

Everi Holding’s CEO Perspective on Acquisition Deal

Everi’s Chief Executive Officer (CEO), Randy Taylor, revealed successful acquisitions over the past several years. These acquisitions have enabled Everi to expand its growth capabilities and the markets it serves. The company has successfully scaled up acquisitions delivering an enticing return on investment and driving strong cash flow. These developments have boosted Everi Holdings’ games, fintech, and digital solutions portfolio with an established customer base. The recent announcement of Video King’s acquisition aligns with similar criteria to propel Everi to a new growth level.

Impact of Everi Holding’s Acquisition of Video King

Video King holds licenses in at least 60 jurisdictions and will expand Everi’s addressable market of its Gaming Business Unit. Once the deal is closed, the tech provider will contribute to Everi’s total revenue and EBITDA. Video King received over $25 million in revenue in 2022. It derives this from reoccurring revenue from over 50,000 electronic bingo tablets in tribal and commercial online casinos. The CEO and Co-founder of Video King, Tim Stuart, expressed his confidence in the company strengthening its position as part of Everi. It exposes Video King’s loyal customer base to newly enhanced games in tribal, charitable, and military markets. He perceives the acquisition as a unique opportunity to accelerate growth.

Everi Holdings Vision as Leader of Technology in the Industry

Tim Richards, the Executive Vice President, Chief Strategy, and Digital Officer of Everi Holdings, acknowledged that Video King provides Everi with an extensive new means to expand its digital game catalog. It also enhances players’ experience by integrating its digital wallet and loyalty products while increasing revenue. He believes this would drive customer traffic and increase player engagement.

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Jacob Evans Written by Jacob Evans
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