Everi buys assets from progressive meter reporting tech provider

Everi Holdings Inc. announced on Thursday that it is acquiring certain strategic assets of Meter Image Capturing (MIC), a privately-owned provider of progressive meter reporting technology that utilizes optical and voice recognition to accurately record and store all progressive meter data of electronic gaming machines on a casino gaming floor.

The acquisition was funded from existing cash on hand and Everi expects the acquisition to be accretive to earnings and operating cash flow. Financial terms were not disclosed.

Introduced to the gaming market in February 2020, MIC's technology solution is a new system designed to improve operating efficiencies by reducing labor costs created by the monotonous task of recording progressive values to stay compliant with regulatory requirements. The technology collects progressive meter data more accurately and exponentially faster than typical methods commonly used in the gaming industry today, as well as automatically provide this data to back-end audit/financial departments. The MIC technology is currently deployed in more than 20 casinos.

Darren Simmons, Everi's Executive Vice President and FinTech Business Leader, said: "The acquisition of MIC's innovative technology is highly complementary with our portfolio of FinTech offerings that create efficiencies and cost savings for casino operators. This addition will allow our customers to streamline operations on their slot floor and back-of-house compliance audits. MIC's solution has been well received since its introduction early last year and we expect to leverage our experienced sales and marketing team and broad distribution channels to significantly expand the product's market awareness.  This technology will seamlessly integrate with our award-winning Jackpot Xpress mobile product. Adding this functionality further enhances our comprehensive 'Digital Neighborhood' suite of financial, casino loyalty, and RegTech products and services, bringing commonality and continuity to operator workflows.

Patrick Schmit, MIC's Chief Executive Officer, commented: "Everyone at Meter Image Capturing is excited that the gaming industry's FinTech leader, Everi, has chosen to incorporate our technology into their portfolio. I'm confident MIC's existing customers and future users will be thrilled with the technical advances and superior service Everi provides going forward."