The Las Vegas-based company said the terms of the acquisition agreement require Passport to pay "a break fee and the company's demonstrated expenses"
() () announced on Tuesday that Passport Technology Inc has informed it that the company has terminated a previously announced acquisition agreement.
“The terms of the acquisition agreement require Passport to pay a break fee and the company's demonstrated expenses,” Australis Capital said in a statement.
On June 25, Las Vegas-based Australis first announced that it planned to acquire Passport Technology, which partners with casino operators to increase gaming revenue by delivering funds to the casino floor through cash and cashless payment portals. Passport is in 72 physical casinos with 124 unattended kiosks throughout five countries.
Passport would have complemented Australis’ existing fintech assets – Cocoon Technology and Paytron – to leverage purpose-built technology for highly regulated industries with a growing need for unattended kiosk solutions with a global market expected to surpass $46 billion by 2026.
Cocoon Technology's pods allow customers to research products, place orders and make payments directly through the kiosk, or a mobile device
Australis Capital invests in, operates and builds companies operating in highly regulated industries. The company already has nine assets in the cannabis industry, six of which it wholly owns. Australis also has expanded its business to offer proprietary hardware and software technology to industries with the highest regulatory compliance standards, along with supporting payment and fulfillment services.
Contact the author Uttara Choudhury at [email protected]
Follow her on Twitter: @UttaraProactive