Attributes 199 Percent Total Revenue Growth to Innovation,
Integration and High Value Proposition for Customers
MALVERN, Pa.--(BUSINESS WIRE)--
USA
Technologies, Inc. (NASDAQ: USAT), ("USAT"), a leader of wireless,
cashless payment and M2M telemetry solutions for small-ticket,
self-serve retailing industries, today announced that it had been ranked
number 388 on Deloitte's Technology Fast 500™, a ranking of the 500
fastest growing technology, media, telecommunications, life sciences and
clean technology companies in North America. The ranking is based on
revenue growth from fiscal year 2009 through fiscal year 2013; USA
Technologies grew 199% percent during this period. This is the fourth
time USA Technologies has ranked as a Technology Fast 500™ award winner.
The company's 199% revenue growth is credited to, among other things,
innovative tools specifically designed to connect USA Technologies'
customers with the data, analytics and communication tools they need to
run their business efficiently, along with integrated payment systems
that connect assorted payment devices to the aforementioned tools and
tracking systems. In addition, the revenue growth reflects relationships
that USA Technologies has developed with its customers, allowing for
market needs to be met with guidance based on market data gleaned from
over 276,000 connections to our EPort Connect Service.
"We are pleased to once again be ranked among the 500 fastest growing
technology companies in North America," said Stephen P. Herbert,
Chairman and Chief Executive Officer of USA Technologies. "Our growth
speaks simultaneously to the dedication of the USAT team to meeting the
service, technology and business needs of our customers every day, and
the tremendous potential that we believe continues to exist for cashless
payment and telemetry solutions in our market segment."
"The combination of market opportunity and our unique, customer-driven
innovation provides USA Technologies with what we view as a significant
edge as the cashless payment and M2M (machine to machine) market
continues to accelerate. With over a decade of experience in cashless
payments, 3 years' experience in mobile payments and what we believe is
the largest network of NFC-enabled contactless terminals accepting
mobile wallets like Apple Pay and Softcard in the United States, USA
Technologies is a market leader for good reason," concluded Mr. Herbert.
"The companies ranked on the 2014 Deloitte Technology Fast 500 continue
to set the bar for their industry higher each year," said Eric Openshaw,
vice chairman, Deloitte LLP and U.S. technology, media and
telecommunications leader. "There are so many exciting products and
smart thought leaders driving this list. We congratulate the Fast 500
companies and look forward to seeing them continue their momentum into
2015."
"For 20 years, the Deloitte Fast 500 rankings have honored the
innovation that is part of these companies' DNA," added Jim Atwell,
national managing partner of the emerging growth company practice,
Deloitte & Touche LLP. "We're glad to be serving these high-growth
companies, and helping the technology sector recognizes the great
strides and transformation these companies are making in their
respective areas."
About Deloitte's 2014 Technology Fast 500™
Technology Fast 500, conducted by Deloitte LLP, provides a ranking of
the fastest growing technology, media, telecommunications, life sciences
and clean technology companies - both public and private - in North
America. Technology Fast 500 award winners are selected based on
percentage fiscal year revenue growth from 2009 to 2013. In order to be
eligible for Technology Fast 500 recognition, companies must own
proprietary intellectual property or technology that is sold to
customers in products that contribute to a majority of the company's
operating revenues. Companies must have base-year operating revenues of
at least $50,000 USD or CD, and current-year operating revenues of at
least $5 million USD or CD. Additionally, companies must be in business
for a minimum of five years and be headquartered within North America.
About USA Technologies:
USA Technologies is a leader of wireless, cashless payment and M2M
telemetry solutions for small-ticket, self-serve retailing industries.
ePort Connect® is the company's flagship service platform, a
PCI-compliant, end-to-end suite of cashless payment and telemetry
services specially tailored to fit the needs of small ticket,
self-service retailing industries. USA Technologies also provides a
broad line of cashless acceptance technologies including its NFC-ready
ePort® G-series, ePort Mobile™ for customers on the go, and
QuickConnect, an API Web service for developers. USA Technologies has
been granted 87 patents; and has agreements with Verizon, Visa, Elavon
and customers such as Compass, AMI Entertainment and others. Visit the
website at www.usatech.com.
Forward-looking Statements:
"Safe Harbor" Statement under the Private Securities Litigation Reform
Act of 1995: All statements other than statements of historical fact
included in this release, including without limitation, USAT's
anticipated commercial availability and costing of its new generation
products, programs, and services, are forward-looking statements. When
used in this release, words such as "anticipate", "believe", "estimate",
"expect", "intend", and similar expressions, as they relate to USAT or
its management, identify forward-looking statements. Such
forward-looking statements are based on the beliefs of USAT's
management, as well as assumptions made by and information currently
available to USAT's management. Actual results could differ materially
from those contemplated by the forward-looking statements as a result of
certain factors, including but not limited to, business, financial
market and economic conditions; USAT's ability to accurately predict
future market conditions, consumer behavior and levels of cashless
usage; and the ability of USAT to obtain widespread commercial
acceptance of its programs and services. Readers are cautioned not to
place undue reliance on these forward-looking statements. Any
forward-looking statement made by us in this release speaks only as of
the date of this release. Unless required by law, USAT does not
undertake to release publicly any revisions to these forward-looking
statements to reflect future events or circumstances or to reflect the
occurrence of unanticipated events.
G-USAT
LHA
Stephanie Prince/Jody Burfening
212-838-3777
sprince@lhai.com
Source: USA Technologies, Inc.
News Provided by Acquire Media