Enterprise-grade POS and Mobile-First Ordering
Platform Transforming the Way Fans Shop, Order and Pay
Cantaloupe, Inc. (Nasdaq: CTLP), a leading provider of
end-to-end technology solutions for self-service commerce,
announced the successful completion of its acquisition of Cheq
Lifestyle Technology, Inc. (“CHEQ”). This strategic investment
positions Cantaloupe for expansion into the large and rapidly
growing sports, entertainment, and restaurant sectors with a
comprehensive suite of self-service solutions.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20240201697696/en/
(Graphic: Business Wire)
By leveraging mobile ordering, socially connected payments,
real-time reporting, and remote support, CHEQ empowers customers to
streamline venue operations, increase efficiency, and boost
revenue.
“The acquisition of CHEQ expands Cantaloupe's addressable market
into a new and rapidly growing sector,” said Ravi Venkatesan, CEO
of Cantaloupe, Inc. “There is tremendous synergy between both of
our product lines and solutions that will grow our footprint across
our combined customer base. We are excited to welcome the CHEQ team
to the Cantaloupe family.”
Founded in 2021, CHEQ powers payments for numerous professional
sports teams, entertainment venues and festival operators including
the Washington Commanders (NFL), Florida Panthers (NHL),
Philadelphia Union (MLS), Miami Marlins (MLB), CFG Bank Arena in
Baltimore (Oak View Group) and Loud & Live (Festivals). CHEQ
technology increases food and beverage sales, speeds up transaction
times and drives new customer traffic and engagement.
“We are thrilled with the success we’ve seen since implementing
CHEQ’s solutions at Amerant Bank Arena,” said Florida Panthers
Chief Revenue Officer Shawn Thornton. “CHEQ’s suite of payment
options has enhanced the food and beverage experience for our fans
and increased our backend operational efficiency.”
Acquisition Highlights:
- Expands Cantaloupe’s addressable market into solutions for
sport stadiums, entertainment venues, festivals, hospitality, theme
parks, full-service & fast-casual restaurants and more.
- Provides a comprehensive line of offerings including:
- Enterprise-grade POS platform: real-time reporting, remote
support, and back-end analytics for high-volume venues and complex
transactions.
- Omnichannel Solution: mobile payments (native app, QR codes,
NFC, in-seat delivery, pick up with live wait times), POS kiosks
and handheld devices.
- Socially Connected: enables real-time gifting and fosters a
sense of community, enhancing fan engagement.
- Team and Venue Customizations: including key integrations with
leading loyalty and team mobile applications.
“We are looking forward to joining Cantaloupe and continuing our
mission of delighting guests with a best-in-class on-premise
payments experience. Joining forces will allow us to bring their
market-leading innovation to our current customer base, and to
expand our technology offering through Cantaloupe’s national and
international distribution network,” said Thomas Lapham, CEO of
CHEQ.
About Cantaloupe Inc. Cantaloupe, Inc. is a global
technology leader powering self-service commerce. With over a
million active locations, processing more than a billion
transactions every year, Cantaloupe is enabling businesses of all
sizes to provide self-service experiences for consumers. The
company's vertically integrated solutions fuel growth by offering
micro-payments processing, enterprise cloud software, IoT
technology, as well as kiosk and POS innovations. Cantaloupe’s
end-to-end platform increases consumer engagement and sales revenue
through digital payments, consumer promotions and loyalty programs,
while providing business owners increased profitability by
leveraging software to drive efficiencies across an entire
operation. Cantaloupe’s solutions are used by a variety of consumer
services in the U.S., Europe, and Australia including vending
machines, micro markets and smart retail, EV charging stations,
laundromats, metered parking terminals, amusement and entertainment
venues, IoT services and more. To learn more about Cantaloupe,
Inc., visit cantaloupe.com or follow the company on LinkedIn,
Twitter, Facebook, Instagram or YouTube.
About CHEQ CHEQ is a social payments platform, connecting
consumers and businesses to create frictionless in-person
experiences. CHEQ's universal ordering and payment app can be used
by any restaurant, café, bar, or stadium to make transactions fun,
easy, and worry-free. Users can even send food and drinks directly
to their friends from anywhere in the world. CHEQ lets venues
retain their unique branding within the application and keep their
direct relationships with their guests.
www.cheqplease.com
Forward-looking Statements: All statements other than
statements of historical fact included in this release, including
without limitation Cantaloupe’s future prospects and performance,
the business strategy and the plans and objectives of Cantaloupe's
management for future operations, are forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. When used in this release, words such as “may,” “could,”
“expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,”
“estimate,” “guidance,” “predict,” “potential,” “continue,”
“likely,” “will,” “would” and variations of these terms and similar
expressions, or the negative of these terms or similar expressions,
as they relate to Cantaloupe or its management, may identify
forward-looking statements. Such forward-looking statements are
based on the reasonable beliefs of Cantaloupe's management, as well
as assumptions made by and information currently available to
Cantaloupe's management. Actual results could differ materially
from those contemplated by the forward-looking statements as a
result of certain factors, including but not limited to general
economic, market or business conditions unrelated to our operating
performance, including inflation, rising interest rates, financial
institution disruptions, public health emergencies and declines in
consumer confidence and discretionary spending; our ability to
compete with our competitors and increase market share; failure to
comply with the financial covenants in the Amended JPMorgan Credit
Facility; our ability to raise funds in the future through sales of
securities or debt financing in order to sustain operations in the
normal course of business or if an unexpected or unusual event were
to occur; disruptions in or inefficiencies to our supply chain
and/or operations; the risks related to the availability of, and
cost inflation in, supply chain inputs, including labor, raw
materials, packaging and transportation; weather, climate
conditions, natural disasters or other unexpected events, whether
our current or future customers purchase, lease, rent or utilize
our devices, software solutions or our other products in the future
at levels currently anticipated; whether our customers continue to
utilize the Company’s transaction processing and related services,
as our customer agreements are generally cancellable by the
customer on thirty to sixty days’ notice; our ability to acquire
and develop relevant technology offerings for current, new and
potential customers and partners; risks and uncertainties
associated with our expansion into and our operations in Europe,
Latin America and other foreign markets, including general economic
conditions, policy changes affecting international trade, political
instability, inflation rates, recessions, sanctions, foreign
currency exchange rates and controls, foreign investment and
repatriation restrictions, legal and regulatory constraints, civil
unrest, armed conflict, war and other economic and political
factors; our ability to satisfy our trade obligations included in
accounts payable and accrued expenses; our ability to attract,
develop and retain key personnel, or our loss of the services of
our key executives; the incurrence by us of any unanticipated or
unusual non-operating expenses, which may require us to divert our
cash resources from achieving our business plan; our ability to
predict or estimate our future quarterly or annual revenue and
expenses given the developing and unpredictable market for our
products; our ability to integrate acquired companies into our
current products and services structure; our ability to add new
customers and retain key existing customers from whom a significant
portion of our revenue is derived; the ability of a key customer to
reduce or delay purchasing products from us; our ability to obtain
widespread commercial acceptance of our products and service
offerings; whether any patents issued to us will provide any
competitive advantages or adequate protection for our products, or
would be challenged, invalidated or circumvented by others; our
ability to operate without infringing the intellectual property
rights of others; the ability of our products and services to avoid
disruptions to our systems or unauthorized hacking or credit card
fraud; geopolitical conflicts, such as the ongoing conflict between
Russia and Ukraine and the conflict between Israel and Hamas;
whether we are able to fully remediate our material weaknesses in
our internal controls over financial reporting or continue to
experience material weaknesses in our internal controls over
financial reporting in the future, and are not able to accurately
or timely report our financial condition or results of operations;
the ability to remain in compliance with the continued listing
standards of the Nasdaq Global Select Market ("Nasdaq") and
continue to remain as a member of the US Small-Cap Russell 2000®;
whether our suppliers would increase their prices, reduce their
output or change their terms of sale; and the risks associated with
cyber attacks and data breaches; or other risks discussed in
Cantaloupe’s filings with the U.S. Securities and Exchange
Commission, including but not limited to its Annual Report on Form
10-K for the year ended June 30, 2023. Readers are cautioned not to
place undue reliance on these forward-looking statements. Any
forward-looking statement made by us in this release speaks only as
of the date of this release. Unless required by law, Cantaloupe
does not undertake to release publicly any revisions to these
forward-looking statements to reflect future events or
circumstances or to reflect the occurrence of unanticipated events.
If Cantaloupe updates one or more forward-looking statements, no
inference should be drawn that Cantaloupe will make additional
updates with respect to those or other forward-looking
statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20240201697696/en/
Investor Relations: cantaloupeIR@icrinc.com
Media: Jenifer Howard | 202-273-4246
jhoward@jhowardpr.com media@cantaloupe.com
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