365 Retail Markets has entered into a definitive agreement to acquire Cantaloupe in an all-cash transaction with an equity value of approximately $848 million.
365 Retail Markets is a portfolio company of Providence Equity Partners L.L.C. a specialist private equity firm focused on growth-oriented investments in media, communications, education, and technology companies across North America and Europe. Upon completion of the transaction, Cantaloupe will become a privately-held company.
Cantaloupe’s and 365 Retail Markets complementary strengths will enable the combined company to offer a seamless unattended retail platform for customers around the globe, from hardware to software, and payment processing technology to data analytics. Cantaloupe’s offerings in delivering frictionless payments and software services combined with 365’s innovation and focus in self-checkout technology primarily for foodservice operator (FSO) centric, enterprise-focused customers are expected to help expand the combined company’s customer base, product suite, and vertical reach. Together, they will have a diversified portfolio and be better positioned to serve both FSO and non-FSO customers across convenience services, retail, hospitality, and sports and entertainment, with a growing footprint in North America, Latin America, and Europe.
The combined company will have a strong financial foundation and the transaction is expected to unlock meaningful synergies to fuel further investment in the business and customer benefits. These synergies include customer cost savings, cross-sell opportunities, and growth through new product rollouts, increased software adoption, and payments expansion.
“A rapid transformation in unattended retail is underway right now as our customers look for more sophisticated ways to grow their business,” said Ravi Venkatesan, CEO of Cantaloupe. “We look forward to joining with 365 to provide our customers a comprehensive suite of best-in-class solutions spanning payments, telemetry, vertical specific software, kiosk-based marketplaces, and smart retail innovation. Our combination will bolster our joint ability to invest in R&D and expand our portfolios, while allowing us to help retailers across the globe to innovate and scale with confidence.”
“This is an incredibly exciting moment for the 365 team,” said Joe Hessling, Founder and CEO of 365 Retail Markets . “We are very proud of the progress we have made in recent years, and together with Cantaloupe’s complementary offerings and team expertise, we’ll be able to deliver a broader, more innovative suite of solutions to our customers around the world. We have the utmost respect for the Cantaloupe team and look forward to working with them, while continuing our successful partnership with Providence, to accelerate our combined growth, expand our global reach, and shape the future of unattended retail.”
“We are delighted to reach this agreement, which we are confident maximizes value for our shareholders while positioning our company, team, and valued customers for continued growth and success,” said Douglas Bergeron, Chairman of the Board of Cantaloupe. “Ravi and his team have transformed Cantaloupe into a rapidly growing, highly successful software and services enterprise, and this is the right next step for the company. We are excited about the journey ahead for Cantaloupe as it writes its next chapter alongside 365 and Providence.”
“We believe this combination presents the opportunity to enhance value and create a more diversified business that can better serve FSOs, non-FSO customers, and end users,” said Scott Marimow, Managing Director at Providence. “The combination will help accelerate product innovation and provide a number of attractive cross- selling opportunities across the value chain. We are proud to continue our work with the 365 and Cantaloupe teams as they redefine their sector and better support the growing needs of their thousands of highly-valued customers.”
There’s more Cantaloupe news on PV, HERE
There’s more 365 Retail Markets news on PV, HERE
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