Passport Technology and Automated Systems America announced today they have entered into an agreement to combine in an all-stock merger of equals.
The transaction creates a payments technology company in the largest gaming financial technology markets worldwide. Combined, Passport and ASAI provide payments and software solutions throughout the world, including the United States, United Kingdom, Europe, and Canada. The combined company offers 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 includes more than 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 fuel industry-leading growth across all metrics in the United States and abroad,” states Scott Dowty, CEO and Chairman, Passport.
“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.
“ASAI has witnessed Passport’s enviable execution internationally over the past five years, and joining forces is truly a scenario of one plus one equals five,” states John Steely, CEO and Co-founder, ASAI. “We wholeheartedly believe our customers, partners, and employees—as well as the industry—will benefit from this union.”
“The combination of Passport’s international business with ASAI’s 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,” states Paul Nielsen, SVP General Manager, ASAI.
