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USA Technologies Closes USD 85m Acquisition of Cantaloupe Systems to Combine Payments/Software Systems.


10 November 2017 - Pennsylvania, US-based payment technology services provider USA Technologies, Inc. (NASDAQ: USAT) has agreed to acquire Cantaloupe Systems, Inc., a provider of cloud and mobile solutions for vending, micro markets and office coffee services, to complement USAT's service portfolio, the company said.

USA Technologies acquired Cantaloupe in a transaction valued at approximately USD 85m, the company said.

Pursuant to the agreement, USAT will pay USD 65m cash and issue approximately USD 20m in stock for the acquisition.

The company will also assume up to USD 1.8m of Cantaloupe's notes payable.

After one-time acquisition and integration related expenses, the company anticipates this transaction to be accretive in fiscal 2018.

The acquisition is expected to bring together complementary portfolios and solutions for the purpose of providing a unified platform, service and value to customers in the unattended retail market.

USA Technologies said Cantaloupe Systems will expand its product offering as well as its reach.

With Cantaloupe's existing customer-base in the United States, Canada, Australia, and South America, the union of the companies would expand USAT's footprint into new global markets.

The combined 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.

USA Technologies, Inc. is a payment technology service provider of integrated cashless and mobile transactions in the self-service retail market.

The company also provides a line of cashless acceptance technologies including its NFC-ready ePort G-series, ePort Mobile for customers on the go, ePort Interactive, and QuickConnect, an API Web service for developers.

USA Technologies has 73 United States and foreign patents in force; and has agreements with Verizon, Visa, Chase Paymentech and customers such as Compass, AMI Entertainment and others.

Cantaloupe Systems is the vending industry's provider of cloud-based, mobile technologies that deliver an integrated end-to-end vending and payment solution for cashless vending, dynamic route scheduling, automated pre-kitting and merchandising and inventory management, all accessible by any mobile device.

William Blair and Co acted as the exclusive financial advisor, and Lurio and Associates P.C., Ballard Spahr LLP, and RatnerPrestia acted as legal advisors to USA Technologies.

Country: USA

Sector: IT/Online Services

Target: Cantaloupe Systems, Inc

Buyer: USA Technologies


Deal size in USD: 85m

Type: Corporate Acquisition

Financing: Cash and Stock

Status: Closed

Buyer advisor: William Blair and Co , Lurio and Associates , Ballard Spahr , RatnerPrestia


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Publication:M & A Navigator
Date:Nov 10, 2017
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