USA Technologies Acquires Cashless Payment Tech Company

A retail-focused payment technology company and a creator of touchscreens have connected.

It was announced yesterday (Jan. 25) that USA Technologies (USAT), a payment technology service provider of integrated cashless and mobile transactions in the self-service retail market, has acquired the cloud-based content delivery platform, device platform and products, customer base and intellectual property of VendScreen, a manufacturer of retrofit touchscreen devices for vending machines.

According to a press release, USAT paid approximately $5.6 million in cash for VendScreen’s assets on Jan. 15. As of November of last year, VendScreen has more than 120 customers with approximately 4,200 active connections.

“If 2015 was the year of mobile payments, 2016 is going to be the year of consumer engagement. As consumers and retailers become more accustomed to cashless and mobile payments, companies want to leverage information provided through a cashless and mobile payments environment to engage with the consumer at point of sale,” stated Stephen P. Herbert, chairman and chief executive officer of USA Technologies, in the release. “Whether it’s vending operators, retail, brand or technology partners, corporations are looking for ways to move beyond a simple transaction. Our acquisition of VendScreen’s technology further connects our partners and customers directly to the consumer at point of sale, and the possibilities are limitless. Whether it be through advertising, research or loyalty, this technology will meet the demand of an increasingly customized retail experience, and we believe it will offer opportunities to engage with a consumer in ways that drive revenues. And we’re only just scratching the surface.”

“We are excited to join forces with USA Technologies, as both companies share the vision of advancing payments technology for vending and unattended markets,” commented David Grano, president and chief executive officer of VendScreen, Inc., in the release. “This acquisition will bring even greater resources to the marketplace and will enable partners and customers to stay ahead of the technology curve. I am confident that this enhances USA Technologies’ leadership as one of the world’s most innovative payments technology companies.”