Passport Technology, a specialist worldwide provider of payment technology to the gaming industry, and Automated Systems America have confirmed a new agreement to combine in an all-stock merger of equals.
The link seeks to form a premier payments tech firm, which serves the global gaming market in the most efficient and seamless way.
Combined, Passport and ASAI provide cutting-edge payments and software solutions throughout the world, including the United States, United Kingdom, Europe, and Canada.
Scott Dowty, CEO and Chairman, Passport commented: “Passport has delivered significant and consistent growth since its inception in 2016. Combined with ASAI’s U.S. footprint, we will execute upon a proven playbook fueling industry-leading growth across all metrics in the United States and abroad.
“Based in Las Vegas, Passport has patiently awaited the opportunity to enter the United States market, and we’re thrilled to collaborate with an industry visionary in John Steely, CEO of ASAI, and his incredibly impressive and accomplished team. With some of the most sophisticated and forward-thinking global and regional casino operators as customers, we are eager to showcase our solutions and deep pipeline of emerging technologies.
“As digital payments and cashless transactions gain popularity, we are uniquely positioned to benefit as our strategy will leapfrog antiquated technology leveraging our core infrastructure and strategic partners.”
The combined company places a heightened focus on the needs of gaming operators, including payment transaction processing, cashless automation, regulatory compliance solutions, analytics, loyalty programs, merchant services, and bank-sponsored ATM processing.
“ASAI has enjoyed tremendous success for twenty years. We are fortunate to have enjoyed long-lasting customer and partner relationships, as well as the very best employees while delivering best-in-class solutions,” states John Steely, CEO and Co-founder, ASAI.
“We have witnessed Passport’s enviable execution internationally over the past five years, and joining forces is truly a scenario of one plus one equals five. With minimal overlap in resources, extensive technical synergies, and Passport’s proven business development and sales prowess, we couldn’t foresee a better partner as we take Passport to the next level.
“ASAI has declined many M&A opportunities over the years, but this compelling opportunity to merge with Passport was unanimously welcomed by ASAI’s Board and unanimously approved by ASAI shareholders. We wholeheartedly believe our customers, partners, and employees—as well as the industry—will benefit from this union.”
The combined company’s breadth of services to the gaming industry generates immediate exposure to the fastest growing digital payments trends in the gaming space and includes over 3,500 points of interaction across 125 casinos in 6 countries, settling over $3.1 billion in funds, and processing 13.2 million transactions annually.
Paul Nielsen, SVP General Manager, ASAI added: “The combination of Passport’s high-growth and high-margin international business with ASAI’s robust product suite, expanding customer base, and decades of experience in the United States positions Passport both for significant organic growth as well as accretive M&A opportunities.
“With an updated and expanded technology stack, profitable operations, a strong balance sheet, and a laser focus on growing revenue, we are imminently poised to unlock value through innovation, consolidation, and scale.”