Troy-based 365 Retail Markets, a self-checkout and vending machine system provider, has acquired AirVend, a vending technology company based in Provo, Utah.
“Integrating AirVend into the current line of products allows 365 to continue to drive technology change and growth in the vending, food service, and hospitality industries, providing operators a more comprehensive suite of products,” says Joe Hessling, CEO of 365 Retail Markets. “As the two businesses grow together, they will be working to create a seamless vending experience for end customers.”
Financial terms of the transaction were not disclosed.
Founded in 2012, AirVend designs and manufactures interactive touchscreen devices that provide consumers with cashless payment options, nutritional information, and promotions. Their units can be retrofitted to nearly any vending machine and provide operators with real-time product tracking.
Hessling says the development teams from both organizations will work together to integrate both platforms.
“There will be little to stand in the way of what this industry has been begging for, a seamless connection for inventory, reporting, payment, promotion, and consumer engagement,” Hessling says.