USA Technologies Inc., a payment technology service provider of integrated cashless and mobile transactions in the self-serve retail markets, has signed a definitive agreement to acquire Cantaloupe Systems Inc., a provider of cloud and mobile solutions for micro markets, vending and office coffee service, for approximately $85 million.
The acquisition is expected to bring together complementary portfolios and what both companies believe are the industry’s top solutions for providing a unified platform.
“Cantaloupe Systems is a strategic acquisition for our business as it will expand our product offering as well as our reach,” Stephen P. Herbert, chairman and CEO, USA Technologies, said in a press release.
According to the agreement USAT will pay $65 million cash and issue approximately $20 million in stock for the acquisition. The company will assume up to $1.8 million of Cantaloupe’s notes payable.
After one-time acquisition and integration related expenses, USAT anticipates this transaction to be accretive in fiscal 2018. The transaction is subject to usual and customary closing conditions, and is expected to close later this week.