Everi acquires Intuicode Gaming
May 5, 2022
Everi Holdings Inc. has acquired Intuicode Gaming Corporation, a privately-owned game development and engineering firm focused on Historical Horse Racing games (HHR). Last year, the Company generated over $10 million in annual revenue from the sale of gaming machines and recurring participation revenue from game theme placements at HHR locations throughout the U.S.
Intuicode and its experienced HHR game development team provide Everi with additional HHR expertise that will help the Company accelerate its entry into and growth in the expanding HHR market. "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”, said Dean Ehrlich, Everi's Executive Vice President and Games Business Leader.” 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."
Total consideration is expected to be $22 million - $27 million, and Everi expects to fund the purchase price from existing cash on hand and future cash flow.