MALVERN, Pa.--(BUSINESS WIRE)--
USA Technologies, Inc. (NASDAQ:USAT) ("USAT"), a premier payment
technology service provider of integrated cashless and mobile
transactions in the self-service retail market, today announced the
completion of its previously announced acquisition of Cantaloupe
Systems, Inc. ("Cantaloupe"), a premier provider of cloud and mobile
solutions for vending, micro markets, and office coffee service, in a
transaction valued at approximately $85 million. 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.
About USA Technologies
USA Technologies, Inc. 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® Connect, ePort® Interactive, QuickConnect, an API Web service for
developers, and MORE., a customizable loyalty program. USA
Technologies has 76 United States and foreign patents in force; and has
agreements with Verizon, Visa, Chase Paymentech and customers such as
Compass, AMI Entertainment and others. For more information, please
visit the website at www.usatech.com.
F-USAT
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Investors:
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or
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lindsay@blueshirtgroup.com
Source: USA Technologies, Inc.
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