Passport Technology Inc. and Automated Systems America Inc. Combine to Form Leading Gaming Payments Technology Company
Passport Technology is a major player in online gaming and cashless payment solutions are poised for a merger. The company performs services in highly regulated market places such as gaming and financial services. Merged with Automated Systems America Inc. (ASAI), the new company technology-enabled payments, will create an unmatched global reach.
ASAI is a trusted provider of casinos and gaming payments based in the USA. The two companies entered into an equal stock swap agreement. The new joint entity will provide world wide electronic software payments solutions. It will include regulatory access in the USA, United Kingdom, Europe and Canada. Online gaming industry is growing rapidly and the merger will provide services such as payment transactions processing, cashless automation, regulator compliance solutions, analytics, and loyalty programs. The combined access of services will provide access to over 125 casinos in 6 countries. Setting the company fund to settle $3.1 billion and processing over 13 million transactions annually.
Passport since inception in 2016, a relatively new company with tremendous growth fueled its industry lead across USA and Europe. The two symbiotic relationships have created an incredibly impressive company with access to major clients in the casino market space. The emerging payment technologies with digital payments cashless transactions have gained in popularity and have overtaken cash transactions. ASAI on the other hand has been a matur player in the casino market place over the last 20 years with an established footprint in the Las Vegas market. Passport who is Europe centric and ASAI based in the USA has created a global company that will have minimal overlap in resources.
The combination will provide a single entity with high-growth and high-margin world wide business model. The expanding customer base is poised to position the new company to take online and in person gambling to the next level. The global gaming industry is an incredible $200 billion market place that is in need of massive addressable change from old cash technology to the new electronic payment systems.
Included is experience and access to ATM, POS, ACH and retail transactions, the business model is poised to capture not only casino customers but also every day transaction needs of any user. With over 16 years of experience in ATM processing the two companies have earned the honor of top financial transaction processors in the USA and Europe. In addition to reliable and secure processing, they offer robust and real-time client analytics and mobile portfolio management applications.