USA Technologies Completes Acquisition of Cantaloupe Systems
November 09 2017 - 11:14AM
Business Wire
USA Technologies, Inc. (NASDAQ:USAT) (“USAT”), a premier
payment technology service provider of integrated cashless and
mobile transactions in the self-service retail market, today
announced the completion of its previously announced acquisition of
Cantaloupe Systems, Inc. ("Cantaloupe"), a premier provider of
cloud and mobile solutions for vending, micro markets, and office
coffee service, in a transaction valued at approximately $85
million. USAT paid $65 million in cash and issued shares of USAT
common stock valued pursuant to the merger agreement at $19.81
million. USAT also assumed $1.8 million of Cantaloupe's notes
payable. USA Technologies funded the transaction with cash on hand
from the recent public offering which closed in July 2017, and
through a new $37.5 million credit facility with JP Morgan Chase
Bank, N.A. Cantaloupe is now a wholly-owned subsidiary of USAT and
will continue to operate from its San Francisco, California
office.
About USA Technologies
USA Technologies, Inc. is a premier payment technology
service provider of integrated cashless and mobile transactions in
the self-service retail market. The company also provides a broad
line of cashless acceptance technologies including its NFC-ready
ePort® G-series, ePort® Connect, ePort® Interactive,
QuickConnect, an API Web service for developers, and MORE., a
customizable loyalty program. USA Technologies has 76
United States and foreign patents in force; and has agreements with
Verizon, Visa, Chase Paymentech and customers such as Compass,
AMI Entertainment and others. For more information, please
visit the website at www.usatech.com.
F-USAT
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version on businesswire.com: http://www.businesswire.com/news/home/20171109006063/en/
The Blueshirt GroupInvestors:Monica Gould, +1
212-871-3927monica@blueshirtgroup.comorLindsay Savarese, +1
212-331-8417lindsay@blueshirtgroup.com
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