USA Technologies, Inc. (NASDAQ:USAT), a Malvern, PA-based premier payment technology service provider of integrated cashless and mobile transactions in the self-serve retail markets, is to acquire Cantaloupe Systems, Inc., a San Francisco, CA-based provider of cloud and mobile solutions for vending, micro markets, and office coffee service.
The transaction was valued at approximately $85m. Pursuant to the agreement, USAT will pay $65m cash and issue approximately $20m in stock for the acquisition.
With Cantaloupe’s existing customer-base in the United States, Canada, Australia, and South America, the acquisition would expand USAT’s presence into new global markets.
The Cantaloupe product line has natural synergies with USAT’s ePort® Connect Platform. Its Seed Cloud™ offering is comprised of: Seed Pro, Seed Office, Seed Cashless, Seed Delivery, and Seed Markets. These solutions provide cloud and mobile solutions for dynamic route scheduling, automated pre-kitting, responsive merchandising, inventory management, warehouse and accounting management, as well as cashless vending.