– Merger of equals generates the preeminent technologies-enabled payments firm with unmatched international attain
– Put together organization to run as Passport Engineering
– Scott Dowty to be Chief Executive Officer, John Steely to be Chief Running and Chief Facts Officer, Paul Nielsen to be Chief Economical Officer, and Jason King to be Main Revenue Officer
GLENDALE, Calif. and LAS VEGAS, Jan. 19, 2021 /CNW/ — Passport Engineering Inc. (“Passport”), a main throughout the world supplier of payment technological know-how to the gaming marketplace, and Automatic Techniques The usa Inc. (“ASAI”), a top reliable company of gaming payments and related value-extra expert services to casinos in the United States, announced now they have entered into a definitive arrangement to combine in an all-inventory merger of equals.
The transaction creates the premier payments technology firm in the most significant and most appealing gaming fiscal technologies marketplaces around the globe. Merged, Passport and ASAI provide chopping-edge payments and software package remedies throughout the globe, including the United States, United Kingdom, Europe, and Canada. The combined company presents condition-of-the-art solutions and products and services to gaming operators to incorporate payment transaction processing, cashless automation, regulatory compliance remedies, analytics, loyalty courses, merchant products and services, and bank-sponsored ATM processing. The put together firm’s breadth of companies to the gaming industry generates speedy exposure to the swiftest increasing electronic payments developments in the gaming area and involves more than 3,500 factors of conversation across 125 casinos in 6 international locations, settling in excess of $3.1 billion in funds, and processing 13.2 million transactions per year.
“Passport has sent considerable and consistent development since its inception in 2016. Combined with ASAI’s U.S. footprint, we will execute on a established playbook fueling marketplace-leading expansion across all metrics in the United States and abroad,” states Scott Dowty, CEO and Chairman, Passport. “Dependent in Las Vegas, Passport has patiently awaited the option to enter the United States sector, and we are thrilled to collaborate with an business visionary in John Steely, CEO of ASAI, and his exceptionally impressive and accomplished staff. With some of the most sophisticated and forward pondering international and regional casino operators as prospects, we are eager to showcase our solutions and deep pipeline of rising systems. As electronic payments and cashless transactions achieve recognition, we are uniquely positioned to advantage as our system will leapfrog antiquated technology leveraging our core infrastructure and strategic companions.”
“ASAI has savored great success for 20 several years. We are privileged to have relished long-lasting purchaser and husband or wife relationships, as properly as the pretty most effective staff members, while offering best-in-class options,” states John Steely, CEO and Co-founder, ASAI. “We have witnessed Passport’s enviable execution internationally about the past five several years, and joining forces is truly a situation of one plus one equals five. With minimal overlap in sources, intensive complex synergies, and Passport’s tested business improvement and product sales prowess, we could not foresee a improved partner as we consider Passport to the upcoming degree. ASAI has declined a lot of M&A alternatives around the years, but this persuasive possibility to merge with Passport was unanimously welcomed by ASAI’s Board and unanimously accepted by ASAI shareholders. We wholeheartedly consider our prospects, partners, and employees—as effectively as the industry—will benefit from this union.”
“The combination of Passport’s substantial-growth and substantial-margin global company with ASAI’s sturdy merchandise suite, growing purchaser base, and a long time of practical experience in the United States positions Passport both for important natural and organic advancement as well as accretive M&A alternatives,” states Paul Nielsen, SVP Typical Manager, ASAI. “With an up-to-date and expanded engineering stack, lucrative functions, a sturdy balance sheet, and a laser aim on expanding earnings, we are imminently poised to unlock benefit by way of innovation, consolidation, and scale.”
Powerful Strategic Rationale and Money Gains — The global gaming sector offers a significant addressable market place of more than $200 billion throughout core, linked, and rising verticals. Transformational forces expert in present day market—combined with Passport’s breadth and depth of innovation and differentiation—will empower Passport’s sustained exponential expansion nicely around the horizon. We are in the midst of rationalizing paper forex transactions, and the current market is shifting at an accelerating tempo to cashless and different sorts of payment. This presents an unparalleled chance for technological innovation disrupters this kind of as Passport.
Diversified Payments Technology Company at Scale — The mixture of Passport and ASAI results in a top provider of unique technological innovation-enabled payments alternatives and companies with important publicity to the most beautiful vertical markets and higher-progress geographies. Passport’s cloud-based mostly, extremely scalable platforms leverage innovative systems, accelerating entry into rising marketplaces and verticals with nominal value.
Leadership in Goods and Services — The combination success in a business that associates with on line casino operators to maximize their gaming revenue by settling cash to on line casino floors by progressive and secure funds and cashless payment answers, which include CashStream™, CashValet®, CashlessValet®, QuickCheck™, POSpod®, ACMowl®, Jackpot Pro™, BankBuilder Pro™, Exchange Pro™, and all-inclusive bank vaulting packages. Passport’s proactive and collaborative product or service improvement solution with buyers and regulatory authorities gives a one of a kind viewpoint as Passport provides custom alternatives by consumer and jurisdiction. Guardian Pro™, Live Cage™, Reside Office™, and ActiveData RT® are agent of these initiatives and a cornerstone of Passport’s commitment to secure and sturdy client-targeted solutions, cloud-centered systems, social obligation, and regulatory compliance.
Passport’s proprietary transaction processing platform, DataStream™, facilitates ATM, POS, ACH, and retail transactions throughout all business traces and with a single of the premier lender-sponsored ATM processors in the United States. With above 16 many years of steady enhancement and hundreds of customers, DataStream™ has acquired its area among the the nation’s leading financial transaction processors. In addition to reputable and secure ATMprocessing, DataStream™ gives a sturdy and serious-time shopper analytics portal, an ground breaking cell portfolio management software, Dynamic Currency Conversion (DCC), and a in depth hard cash vaulting program for both of those retail and gaming houses. Passport also gives merchant support solutions to casinos and general merchant groups across North The united states via wholly-owned Paytron® Merchant Products and services. Paytron® presents Passport shoppers with leading merchant payment technologies, omni-channel acceptance alternatives, a single reporting portal, and consultative help from Passport’s merchant company specialists.
Passport’s expansive suite of function-developed payment and compliance methods for gaming clearly differentiates Passport from conventional suppliers although furnishing one very essential solitary stage of assist. Brick-and-mortar casinos, on-line casinos, cruise ships, and function wagering portals across the world will go on to love considerable progress for the foreseeable future while demographic and customer developments give new difficulties and similar prospects pushed by technological improvements. Passport is positioned for hyper growth in focused jurisdictions and verticals the place greenfield and competitive prospects abound.
Combining Like-minded Cultures — Passport and ASAI are immensely happy of their solid and complementary corporate cultures, which have been nurtured over numerous many years. Our colleagues arrive initially, as they are the most critical contributors of expertise, creativity, and electricity to our achievement. We will just take the most effective of equally cultures and protect and enhance our commitments to the communities in which we live, get the job done, and help.
Timing and Approvals — The transaction remains subject matter to federal, state, and nearby licensing approvals in the numerous jurisdictions wherever Passport and ASAI function. The transaction is not issue to financing.
About Passport Engineering Inc.
Passport Technological innovation Inc. is a major developer of technologies-centered solutions and services for the really regulated payments, gaming, and economic products and services markets. The firm’s merchandise portfolio includes redemption kiosks, quasi-income, check out warranty, ATM, electronic payments, income and cashless integrations, casino automation, regulatory compliance remedies, bank-sponsored transaction processing, merchant services, server and world wide web-centered analytics, agnostic application management techniques, and interactive content material and loyalty providers. Passport, by way of its privileged and associated gaming licenses, has securely and responsibly settled above $25 billion in money to casinos throughout the world.
Passport is identified as the winner of the Worldwide Regulatory Awards 2018 and 2019 Compliance Payment Support or Resolution Provider of the Yr.
Passport’s innovation and structure studio is found in downtown Glendale, California, and its corporate headquarters and showroom is in Las Vegas, Nevada.
For a lot more information and facts, be sure to visit passporttechnology.com
Main Fiscal Officer
Passport Technological innovation Inc.
PASSPORT Technological know-how
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