Help yourself: Unattended retail just got more seamless and widespread with USA Technologies’ acquisition of Cantaloupe Systems, Inc. The deal is expected to close by the end of this week, according to a press release from USA Technologies. The company put a total of $85 million into the deal: $65 million in cash and $20 million in stock.
USA Technologies powers cashless and mobile payments in self-service retail settings – think Starbucks kiosks and Home Depot key-cutting machines, for example.
The company’s ePort Connect platform tracks acceptance of cash, credit and debit cards, as well as contactless payments made with mobile eWallets like Android Pay and Apple Pay. The company can also connect self-service kiosks and eWallets with consumer engagement and loyalty programs, having tied the MORE. loyalty program into Apple Pay as the industry was first warming up.
“Brick-and-mortar retailers continue to struggle with how technology is changing the retail landscape, shifting consumer demands and expectations,” USA Technologies wrote in a recent blog post. “Consumers want faster, easier, customized and convenient retail experiences.”
That, the company said, puts it at a unique advantage, especially with Cantaloupe now on board to help provide goods and services aligned with customer preferences and payment methods, which are driven by convenience.
Cantaloupe provides cloud and mobile solutions for vending, micro markets and office coffee services. Its existing customer base in the U.S., Canada, Australia and South America will greatly expand USA Technologies’ footprint, as the companies work to serve their combined clientele and bring their technology to new and emerging markets.
Together, they are upping their value proposition to offer a turnkey, end-to-end enterprise platform for unattended retail. The companies expect to see decreased operational costs, increased sales and the ability for customers to run their businesses in a more efficient and competitive fashion.
“Cantaloupe Systems is a strategic acquisition for our business, as it will expand our product offering as well as our reach,” said Stephen P. Herbert, chairman and chief executive officer of USA Technologies.
USA Technologies will also unlock new capabilities through Cantaloupe’s Seed Cloud offering. Seed Cloud includes cloud and mobile solutions for dynamic route scheduling, automated pre-kitting, responsive merchandising, inventory management, warehouse and accounting management and, of course, cashless vending.
“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,” said Mandeep Arora, Cantaloupe’s co-founder and chief executive officer. “Together, we will ensure the industry continues to modernize.”