Everi Accelerates Entry Into Historical Horse Racing Market Via Intuicode Gaming Acquisition

Everi Holdings Inc EVRI has acquired Intuicode Gaming Corporation, a game development, and engineering firm focused on Historical Horse Racing games (HHR).
Total consideration is expected to be $22 million - $27 million. Everi will initially pay $12.5 million, with two additional payments based on future revenue.
The acquisition will provide Everi with HHR expertise to help accelerate its entry into and growth in the HHR market.
In 2021, Intuicode generated over $10 million in annual revenue from the sale of gaming machines and game theme placements at HHR in the U.S.
Everi expects to fund the purchase price from existing cash on hand and future cash flow. It held $302 million in cash and equivalents as of December 31, 2021.
Price Action: EVRI shares are trading lower by 0.17% at $17.92 on the last check Tuesday.