MALVERN, PA & TROY, MI — Cantaloupe, Inc. (NASDAQ: CTLP) has entered into a definitive agreement to be acquired by 365 Retail Markets, LLC (“365”) in an all-cash transaction valued at approximately $848 million. Following the acquisition, Cantaloupe will become a privately-held company as part of 365, a portfolio company of Providence Equity Partners specializing in high-growth technology investments.
This strategic merger combines the complementary offerings of two industry innovators to create a unified platform for unattended retail operations. From payment processing and data analytics to self-checkout technologies and vertical-specific software, the merged entity will cater to a global customer base that includes convenience services, retail, hospitality, and sports and entertainment sectors. The partnership will also strengthen the company’s presence across North America, Latin America, and Europe, with enhanced capabilities to support foodservice operators (FSOs) and non-FSO clients alike.
“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.”
By leveraging 365’s expertise in self-checkout solutions and Cantaloupe’s leadership in frictionless payment systems, the combined company is poised to unlock operational synergies that include cross-selling opportunities, cost savings for customers, enhanced software adoption, and the expansion of payment capabilities.
“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.”
The 365-Cantaloupe integration also underscores the companies’ commitment to advancing innovation and customer-focused investments. The transaction will allow the combined company to accelerate product development, expand its R&D efforts, and further refine its offerings to meet evolving customer needs.
Douglas Bergeron, Chairman of the Board of Cantaloupe, praised the move, saying, “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. This is the right next step for the company, and we are excited about the journey ahead for Cantaloupe as it writes its next chapter alongside 365 and Providence.”
The deal, unanimously approved by Cantaloupe’s Board of Directors, offers Cantaloupe shareholders $11.20 per share in cash, representing a 34% premium above its stock price prior to market speculation about the acquisition. The transaction, which is backed by full financing, is expected to close in the second half of 2025, pending shareholder and regulatory approvals.
Once the deal is finalized, Cantaloupe’s stock will no longer be listed publicly. Both companies have positioned the merger as a step toward reshaping the future of unattended retail, combining strengths to deliver innovative solutions on a global scale.
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