USA Technologies Inc. To Acquire Cantaloupe Systems For $85 Million

Posted On: 11/7/2017

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MALVERN, PA -- USA Technologies Inc. said it will acquire San Francisco-based Cantaloupe Systems Inc. for $85 million. In a joint announcement, the companies said the combination of USAT's cashless payment technology and Cantaloupe's logistics and cloud technology will bring an end-to-end, turnkey enterprise solution to unattended retail markets.

Malvern, PA-based USAT will pay $65 million cash and issue approximately $20 million in stock for the acquisition. It will also assume up to $1.8 million of Cantaloupe's notes payable. The transaction is subject to usual and customary closing conditions, and is expected to close later this week. 

With Cantaloupe's existing customer base in the United States, Canada, Australia, and South America, the union will expand USAT's footprint into new global markets. The companies said Cantaloupe's product line has "natural synergies" with USAT's ePort Connect turnkey cashless payments and telemetry service for the self-serve retail market.

Cantaloupe's Seed Cloud also provides a cashless vending solution, along with cloud and mobile technology for dynamic route scheduling, automated pre-kitting, responsive merchandising, inventory management, and warehouse and accounting management. It is comprised of Seed Pro, Seed Office, Seed Cashless, Seed Delivery and Seed Markets.

"Cantaloupe Systems is a strategic acquisition for our business as it will expand our product offering as well as our reach," said USA Technologies chairman and chief executive Stephen P. Herbert. "Combining the two best-of-breed companies will provide an exciting opportunity for our customers, shareholders, partners and employees."

"Together, we will ensure the industry continues to modernize," added Cantaloupe Systems cofounder and chief executive Mandeep Arora. "In addition, USA Technologies' financial strength and industry footprint of approximately 13,000 customers will enable us to drive mainstream adoption of our technology and execute on our product vision."