Cantaloupe has completed the acquisition of micro market solutions provider, Three Square Market (32M), for $41 million, comprised of 90% cash and 10% stock.
32M is a provider of software and self-service kiosk-based point-of-sale and payment solutions. According to Cantaloupe, the company is expected to generate $19 million in revenue for calendar year 2022 on a standalone basis.
Cantaloupe, a software and payments company that provides technology solutions for self-service commerce, says that the deal expands its international footprint for its full suite of products.
The acquisition will see Cantaloupe expand its micro market presence by adding almost 3,000 locations across North America and international markets.
The combined company offers a “full range” of self-service kiosk, payment and software solutions for the micro market industry.
Ravi Venkatesan, CEO of Cantaloupe, said: “The acquisition of 32M, with its expansive portfolio of micro-market technology and broad geographic footprint, immediately accelerates two of our most important strategic growth priorities. 32M is already 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. We are now well positioned as a best-in-class technology provider for the accelerating self-service commerce industry.”
He added: “This exciting 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.”
Tony Danna, president of 32M, commented: “Bringing 32M into Cantaloupe and gaining access to Cantaloupe’s 25,000+ customer base, from small and medium businesses to large enterprises, is an exciting opportunity for us. We can now better leverage Cantaloupe’s Seed platform with our existing customers, both in the US and other geographies, and expect to benefit from a combined salesforce to help our products reach more customers.”
© FoodBev Media Ltd 2022
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