Malvern, Pennsylvania-based Cantaloupe, a digital payments and software company, has announced the completion of its acquisition of Three Square Market (32M) for $41 million.
32M is a provider of software and self-service kiosk-based point of sale and payment solutions. The acquisition delivers full service capabilities to Cantaloupe’s presence in the micro market industry while also expanding Cantaloupe’s international footprint for its full suite of products.
“The acquisition of 32M, with its portfolio of micro-market technology and broad geographic footprint, accelerates two of our most important strategic growth priorities. 32M is an integrated partner of our Seed Markets software platform, which will enable Cantaloupe to capture additional revenue synergies through cross-sell and upsell opportunities throughout our combined customer base,” said Ravi Venkatesan, CEO of Cantaloupe.
“We are well positioned as a best-in-class technology provider for the accelerating self-service commerce industry. This acquisition builds upon the strong organic growth we are experiencing in our core business today. This combination will accelerate our organic top line growth while also expanding our margins, offering attractive financial returns to our investors. We believe that this combination also enhances the value and attractiveness of our company for future partners and strategic opportunities.”
According to the company, the acquisition will: provide a line of self-service kiosks, smart coolers and cloud-based software, integrated with Cantaloupe’s Seed Markets software platform; expand its micro market presence by adding about 3,000 locations across North America and international markets; increase direct salesforce and customer service teams; and generate opportunities for revenue synergies through converting 32M customers to SEED Markets software platform, as well as cross-selling 32M’s micro market technology to Cantaloupe’s existing food and beverage customers.
“Bringing 32M into Cantaloupe and gaining access to Cantaloupe’s growing customer base, from small and medium businesses to large enterprises, is an exciting opportunity for us,” said Tony Danna, president of 32M.
“We can better leverage Cantaloupe’s Seed platform with our customers, both in the US and other geographies, and expect to benefit from a combined salesforce to help our products reach more customers”
