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USA Technologies Completes Acquisition of Cantaloupe Systems
Nov. 09, 2017 09:09AM PST
Emerging TechnologyUSA Technologies (NASDAQ:USAT) has announced the completion of its previously announced acquisition of Cantaloupe Systems, a provider of cloud and mobile solutions for vending, micro markets and office coffee service for $85 million. As quoted in the press release: USAT paid $65 million in cash and issued shares of USAT common stock valued pursuant to …
USA Technologies (NASDAQ:USAT) has announced the completion of its previously announced acquisition of Cantaloupe Systems, a provider of cloud and mobile solutions for vending, micro markets and office coffee service for $85 million.
As quoted in the press release:
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.