Malvern-based Cantaloupe is going private after being acquired by Michigan-based 365 Retail Markets for $848 million, a deal that will make it privately held, writes Jeff Blumenthal for the Philadelphia Business Journal.
Cantaloupe delivers cashless payment technology that powers vending machines, laundromats, gaming machines, and other self-service operations.
Meanwhile, 365 Retail is owned by Providence Equity Partners, a private equity firm that targets growth-focused investments in media, communications, education, and technology companies throughout North America and Europe.
According to the Chester County company, 365 Retail’s complementary strengths will allow the combined company to “offer a seamless unattended retail platform for customers around the globe, from hardware to software, and payment processing technology to data analytics.”
Specifically, the two companies expect to expand their customer base, product suite, and vertical reach by combining Cantaloupe’s frictionless payments and software services with 365’s expertise in self-checkout technology, primarily serving foodservice operators.
“Our combination will bolster our joint ability to invest in R&D and expand our portfolios, while allowing us to help retailers across the globe to innovate and scale with confidence,” said Cantaloupe CEO Ravi Venkatesan.
As part of the cash deal, Cantaloupe shareholders will receive $11.20 per share in cash.
Read more about the Cantaloupe going private after the Michigan company acquires it in the Philadelphia Business Journal.
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