Passport Technology Inc. (“Passport”), a leading worldwide provider of payment technology to the gaming industry, and Automated Systems America Inc. (“ASAI”), a leading trusted provider of gaming payments and related value-added services to casinos in the United States, announced today they have entered into a definitive agreement to combine in an all-stock merger of equals.
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The transaction creates the premier payments technology company in the largest and most attractive gaming financial technology markets worldwide. Combined, Passport and ASAI provide cutting-edge payments and software solutions throughout the world, including the United States, United Kingdom, Europe, and Canada.
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The combined company offers state-of-the-art products and services to gaming operators to include payment transaction processing, cashless automation, regulatory compliance solutions, analytics, loyalty programs, merchant services, and bank-sponsored ATM processing. 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.
“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,” states Scott Dowty, CEO and Chairman, Passport. “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.”
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