– Merger of equals makes the preeminent technology-enabled payments corporation with unmatched international reach
– Blended company to function as Passport Engineering
– Scott Dowty to be Main Government Officer, John Steely to be Main Running and Main Facts Officer, Paul Nielsen to be Main Financial Officer, and Jason King to be Chief Income Officer
GLENDALE, Calif. and LAS VEGAS, Jan. 19, 2021 /CNW/ — Passport Engineering Inc. (“Passport”), a foremost around the globe supplier of payment technologies to the gaming sector, and Automatic Techniques The usa Inc. (“ASAI”), a primary reliable service provider of gaming payments and linked value-included companies to casinos in the United States, declared right now they have entered into a definitive settlement to incorporate in an all-stock merger of equals.
The transaction results in the premier payments know-how enterprise in the most significant and most interesting gaming economic technological innovation marketplaces globally. Blended, Passport and ASAI offer chopping-edge payments and software package methods through the entire world, such as the United States, United Kingdom, Europe, and Canada. The mixed enterprise delivers condition-of-the-artwork solutions and companies to gaming operators to consist of payment transaction processing, cashless automation, regulatory compliance methods, analytics, loyalty applications, merchant services, and lender-sponsored ATM processing. The put together firm’s breadth of companies to the gaming marketplace generates speedy publicity to the speediest increasing digital payments tendencies in the gaming space and contains in excess of 3,500 points of conversation across 125 casinos in 6 international locations, settling over $3.1 billion in funds, and processing 13.2 million transactions per year.
“Passport has delivered considerable and reliable development since its inception in 2016. Mixed with ASAI’s U.S. footprint, we will execute upon a verified playbook fueling sector-leading growth across all metrics in the United States and abroad,” states Scott Dowty, CEO and Chairman, Passport. “Centered in Las Vegas, Passport has patiently awaited the possibility to enter the United States sector, and we’re thrilled to collaborate with an marketplace visionary in John Steely, CEO of ASAI, and his incredibly extraordinary and achieved group. With some of the most sophisticated and ahead contemplating global and regional casino operators as customers, we are eager to showcase our solutions and deep pipeline of rising systems. As digital payments and cashless transactions get recognition, we are uniquely positioned to advantage as our method will leapfrog antiquated technology leveraging our core infrastructure and strategic partners.”
“ASAI has enjoyed remarkable success for 20 yrs. We are privileged to have liked prolonged-lasting shopper and partner associations, as very well as the quite very best personnel, though providing most effective-in-class remedies,” states John Steely, CEO and Co-founder, ASAI. “We have witnessed Passport’s enviable execution internationally around the previous five many years, and joining forces is truly a state of affairs of just one additionally a person equals five. With nominal overlap in means, intensive specialized synergies, and Passport’s confirmed business enterprise enhancement and income prowess, we could not foresee a far better partner as we consider Passport to the following amount. ASAI has declined numerous M&A options above the decades, but this compelling chance to merge with Passport was unanimously welcomed by ASAI’s Board and unanimously authorised by ASAI shareholders. We wholeheartedly believe that our buyers, partners, and employees—as nicely as the industry—will reward from this union.”
“The blend of Passport’s significant-expansion and large-margin worldwide business enterprise with ASAI’s sturdy product or service suite, growing customer foundation, and a long time of knowledge in the United States positions Passport both for important natural expansion as well as accretive M&A alternatives,” states Paul Nielsen, SVP Common Manager, ASAI. “With an updated and expanded technological know-how stack, profitable operations, a solid equilibrium sheet, and a laser emphasis on increasing earnings, we are imminently poised to unlock benefit via innovation, consolidation, and scale.”
Compelling Strategic Rationale and Fiscal Gains — The international gaming marketplace presents a massive addressable current market of around $200 billion throughout core, connected, and rising verticals. Transformational forces experienced in present day market—combined with Passport’s breadth and depth of innovation and differentiation—will empower Passport’s sustained exponential development perfectly above the horizon. We are in the midst of rationalizing paper currency transactions, and the industry is shifting at an accelerating rate to cashless and option varieties of payment. This presents an unparalleled option for know-how disrupters this sort of as Passport.
Diversified Payments Know-how Firm at Scale — The blend of Passport and ASAI produces a foremost company of exclusive engineering-enabled payments alternatives and products and services with important exposure to the most appealing vertical marketplaces and substantial-progress geographies. Passport’s cloud-based, highly scalable platforms leverage advanced technologies, accelerating entry into rising marketplaces and verticals with minimal price tag.
Leadership in Products and Companies — The blend benefits in a company that associates with on line casino operators to improve their gaming earnings by settling money to on line casino flooring via revolutionary and protected cash and cashless payment solutions, which include CashStream™, CashValet®, CashlessValet®, QuickCheck™, POSpod®, ACMowl®, Jackpot Pro™, BankBuilder Pro™, Trade Pro™, and all-inclusive financial institution vaulting programs. Passport’s proactive and collaborative product or service development strategy with consumers and regulatory authorities presents a special standpoint as Passport provides personalized remedies by consumer and jurisdiction. Guardian Pro™, Live Cage™, Reside Office™, and ActiveData RT® are representative of these efforts and a cornerstone of Passport’s motivation to secure and strong purchaser-centered options, cloud-based systems, social accountability, and regulatory compliance.
Passport’s proprietary transaction processing system, DataStream™, facilitates ATM, POS, ACH, and retail transactions throughout all organization lines and with 1 of the major lender-sponsored ATM processors in the United States. With over 16 years of continuous enhancement and thousands of consumers, DataStream™ has acquired its spot among the the nation’s major monetary transaction processors. In addition to trusted and safe ATMprocessing, DataStream™ offers a strong and real-time shopper analytics portal, an innovative mobile portfolio administration software, Dynamic Forex Conversion (DCC), and a thorough cash vaulting software for each retail and gaming properties. Passport also presents merchant assistance alternatives to casinos and general service provider categories across North The united states by means of wholly-owned Paytron® Merchant Expert services. Paytron® presents Passport customers with top merchant payment technologies, omni-channel acceptance solutions, a single reporting portal, and consultative guidance from Passport’s merchant services gurus.
Passport’s expansive suite of reason-constructed payment and compliance methods for gaming clearly differentiates Passport from conventional vendors while providing one particular quite critical one position of assistance. Brick-and-mortar casinos, on the net casinos, cruise ships, and occasion wagering portals across the world will carry on to love substantial expansion for the foreseeable foreseeable future even though demographic and buyer trends present new challenges and associated possibilities pushed by technological developments. Passport is positioned for hyper growth in qualified jurisdictions and verticals wherever greenfield and aggressive options abound.
Combining Like-minded Cultures — Passport and ASAI are immensely very pleased of their robust and complementary company cultures, which have been nurtured over several a long time. Our colleagues come first, as they are the most essential contributors of talent, creativeness, and energy to our achievement. We will just take the most effective of equally cultures and preserve and enrich our commitments to the communities in which we live, function, and guidance.
Timing and Approvals — The transaction remains subject to federal, state, and nearby licensing approvals in the many jurisdictions in which Passport and ASAI function. The transaction is not topic to financing.
About Passport Technology Inc.
Passport Technologies Inc. is a leading developer of technological know-how-primarily based solutions and companies for the remarkably controlled payments, gaming, and economic providers markets. The company’s products portfolio incorporates redemption kiosks, quasi-money, look at guarantee, ATM, digital payments, money and cashless integrations, casino automation, regulatory compliance solutions, financial institution-sponsored transaction processing, merchant expert services, server and website-based analytics, agnostic software administration programs, and interactive content material and loyalty services. Passport, by its privileged and related gaming licenses, has securely and responsibly settled over $25 billion in resources to casinos throughout the globe.
Passport is recognized as the winner of the World wide Regulatory Awards 2018 and 2019 Compliance Payment Service or Remedy Supplier of the Year.
Passport’s innovation and structure studio is found in downtown Glendale, California, and its company headquarters and showroom is in Las Vegas, Nevada.
For far more facts, you should visit passporttechnology.com
Chief Monetary Officer
Passport Technologies Inc.
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