Tuesday, November 7, 2017

Canteloupe Systems Acquired By USA Technologies

San Francisco-based Canteloupe Systems, a developer of cloud and mobile software for the vending machine industry, has been acquired by Pennsylvania-based USA Technologies. The deal was worth approximately $85M. USA Technologies is a developer of payment technology for the vending machine/self-serve retail market. The deal was split between $65M in cash, plus approximately $20M in stock, as well as assumption of $1.8M in Cantaloupe's notes payable. USA Technologies was advised by William Blair & Company, Lurio & Associates P.C., Ballard Spahr LLP, and RatnerPrestia in the transaction.