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Featured Company News – USA Technologies to Buy Cantaloupe Systems

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LONDON, UK / ACCESSWIRE / November 9, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for USA Technologies, Inc. (NASDAQ: USAT) ("USAT"), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=USAT. The Company announced on November 07, 2017, that it has entered into a definitive agreement to acquire Cantaloupe Systems, Inc. ("Cantaloupe") for approximately $85 million. For immediate access to our complimentary reports, including today's coverage, register for free now at:


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Collective Product and Service Portfolio to Provide Customers with True Enterprise Software Platform

Stephen P. Herbert, Chairman and Chief Executive Officer (CEO) of USAT, stated that Cantaloupe is a strategic acquisition for USAT's business, as it will expand the latter's product offering and its reach. Combining the two best-of-breed Companies will provide an exciting opportunity for customers, shareholders, partners, and employees. Herbert believes that the strength of the teams, as well as the collective product and service portfolio, will provide customers with a true enterprise software platform which is unrivaled in the market. The combined entity will offer both teams an opportunity to provide a world-class solution to the market that is second to none.

Terms of the Agreement

  • USAT will pay $65 million cash and issue approximately $20 million in stock for the acquisition. The Company will also assume up to $1.8 million of Cantaloupe's notes payable.
  • The transaction is expected to be accretive in the fiscal year 2018, post one-time acquisition and integration related expenses.
  • The transaction, likely to close later this week, is subject to customary closing conditions.

Financial and Legal Advisors

William Blair & Co. served as the financial advisor, and Lurio & Associates P.C., Ballard Spahr LLP, and RatnerPrestia served as legal advisors to USAT.

Strategic Benefits of the Acquisition

  • Cantaloupe's existing customer-base in the United States, Canada, Australia, and South America, would help USAT to expand into new global markets.
  • The acquisition will bring together complementary portfolios and industry's top solutions for the purpose of providing a unified platform, unparalleled service, and unrivaled value to customers in the unattended retail market.
  • The collective technologies will result in decreased operational costs, increased sales, and the ability for customers to run their business in a more efficient and competitive way.

USAT's Financial Strength Will Enable Cantaloupe to Drive Mainstream Adoption of its Technology

Commenting on the acquisition, Mandeep Arora, Co-Founder and CEO of Cantaloupe, stated that the combination of Cantaloupe's award-winning, proven logistics and cloud technology, coupled with USAT's market-leading, robust and secure payment capabilities will bring a truly distinctive, turn-key enterprise solution to the market. He added that USAT's financial strength and industry footprint of around 13,000 customers will enable Cantaloupe to drive mainstream adoption of its technology and execute on its product vision.

About USA Technologies, Inc.

Founded in 1992 and headquartered in Malvern, Pennsylvania, USAT is a premier payment technology service provider of integrated cashless and mobile transactions in the self-service retail market. The Company also provides a broad line of cashless acceptance technologies including its NFC-ready ePort® G-series, ePort Mobile™ for customers on the go, ePort® Interactive, and QuickConnect, an API Web service for developers.

About Cantaloupe Systems, Inc.

Established in 2002, Cantaloupe is the vending industry's premier provider of cloud-based, mobile technologies that deliver an integrated end-to-end vending and payment solution for cashless vending, dynamic route scheduling, automated pre-kitting and merchandising, and inventory management, all accessible by any mobile device. The Company is based in San Francisco, California.

Last Close Stock Review

On Wednesday, November 08, 2017, the stock closed the trading session flat at $6.60. A total volume of 799.64 thousand shares have exchanged hands, which was higher than the 3-month average volume of 354.13 thousand shares. USA Technologies' stock price soared 28.16% in the last three months, 40.43% in the past six months, and 53.49% in the previous twelve months. Furthermore, since the start of the year, shares of the Company have skyrocketed 53.49%. At Wednesday's closing price, the stock's net capitalization stands at $325.05 million.

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SOURCE: Pro-Trader Daily