Malvern’s USA Technologies has agreed to acquire San Francisco’s Cantaloupe Systems for $85 million, writes Jeff Blumenthal for the Philadelphia Business Journal.
The purchase price of $85 million will consist of $65 million in cash and $20 million in stock. USAT will also assume up to a maximum of $1.8 million in Cantaloupe’s notes payable. According to USAT, the goal after the acquisition is finalized will be to fuse the two payment platforms into one.
USA Technologies provides payment technology services for cashless and mobile transactions for self-serve retail markets. The company said that adding Cantaloupe will unite two complementary portfolios. This will provide cloud and mobile solutions for vending, micro markets, and office coffee services in North and South America and Australia.
“The collective technologies would offer a new value proposition, a true end-to-end enterprise platform for the unattended retail market,” USAT said. “We expect it to pave the way for decreased operational costs, increased sales, and the ability for customers to run their business in a more efficient and competitive way.”
Read more about USA Technologies in the Philadelphia Business Journal here.