365 Retail Markets in Troy, a provider of self-service retail technologies, has agreed to acquire Pennsylvania-based Cantaloupe Inc. in an all-cash transaction with an equity value of approximately $848 million.
Cantaloupe offers a suite of solutions including micro-payment processing, self-checkout kiosks, mobile ordering, connected point of sale systems, and enterprise cloud software.
Handling more than a billion transactions annually, Cantaloupe’s solutions are designed to enhance operational efficiency and consumer engagement across sectors like food and beverage markets, smart automated retail, hospitality, entertainment venues, and others.
Cantaloupe’s and 365’s complementary strengths are expected to enable the combined company to offer a “seamless” unattended retail platform for customers around the globe, from hardware to software, and payment processing technology to data analytics.
Cantaloupe’s “frictionless” payments and software services combined with 365’s focus on self-checkout technology primarily for foodservice operator-centric, enterprise-focused customers are expected to help expand the combined company’s customer base, product suite, and vertical reach.
Together, they will have a diversified portfolio and be better positioned to serve both FSO and non-FSO customers across convenience services, retail, hospitality, and sports and entertainment, with a growing footprint in North America, Latin America, and Europe.
The plan is the combined company will unlock meaningful synergies to fuel further investment in the business and customer benefits. The synergies include customer cost savings, cross-sell opportunities, and growth through new product rollouts, increased software adoption, and payments expansion.
“This is an incredibly exciting moment for the 365 team,” says Joe Hessling, founder and CEO of 365. “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.
“We have the utmost respect for the Cantaloupe team and look forward to working with them, while continuing our successful partnership with Providence, to accelerate our combined growth, expand our global reach, and shape the future of unattended retail.”
Ravi Venkatesan, CEO of Cantaloupe, says, “A rapid transformation in unattended retail is underway right now as our customers look for more sophisticated ways to grow their business. 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.
“Our combination will bolster our joint ability to invest in R&D and expand our portfolios, while allowing us to help retailers across the globe to innovate and scale with confidence.”
Under the terms of the agreement, Cantaloupe shareholders will receive $11.20 per share in cash. The per share purchase price represents a 34 percent premium to Cantaloupe’s unaffected closing stock price on May 30 (the last trading day prior to published market speculation regarding a potential transaction involving Cantaloupe).
The transaction, which was approved unanimously by the Cantaloupe Board of Directors, is expected to close in the second half of 2025, subject to customary closing conditions, including approval by Cantaloupe shareholders and the receipt of required regulatory approvals. The transaction is not subject to a financing condition and 365 has received fully committed financing for the transaction.
Upon completion of the transaction, Cantaloupe’s common stock will no longer be listed on any public stock exchange.
For more information on Cantaloupe, visit cantaloupe.com.
For more information on 365 Retail Markets, visit 365retailmarkets.com.
