Everi will pay $12.5m up front, with two additional payments based on future revenue to be made in 2023 and 2024. Total consideration is expected to fall between $22m and $27m.
In 2021, Ituicode generated more than $10 million in annual revenue from the sale of gaming machines and recurring participation revenue from game theme placements at historical horse racing (HHR) locations throughout the US.
Everi’s executive vice president and games business leader, Dean Ehrlich, said: “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 commercialisation of our extensive library of content into the HHR market and favorably position us for future growth.”
He continued: “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.”
This news follows Everi recording a net profit of $152.7m for its 2021 financial year – up 72.1% from $383.7m. The company also announced that it would release its Q1 2022 financial reports before the market opens on May 10.