TROY–Malvern, Pa.-based Cantaloupe, Inc. (NASDAQ: CTLP) (“Cantaloupe”), a provider of technology for self-service commerce, announced it has entered into an agreement to be acquired by 365 Retail Markets LLC, a retail technology provider based in Troy, for $848 million in cash.
365 is a portfolio company of Providence, R.I.-based Providence Equity Partners LLC, a private equity firm focused on media, communications, education, and technology companies across North America and Europe. Upon completion of the transaction, Cantaloupe will become a privately held company.
Company officials said the combined firm will provide a seamless unattended retail platform for customers around the globe, from hardware to software, and payment processing technology to data analytics, expanding the combined company’s customer base, product suite, and vertical reach.
“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. 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.”
“This is an incredibly exciting moment for the 365 team,” said 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.”
“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,” said Douglas Bergeron, board chair of Cantaloupe. “Ravi and his team have transformed Cantaloupe into a rapidly growing, highly successful software and services enterprise, and this is the right next step for the company. We are excited about the journey ahead for Cantaloupe as it writes its next chapter alongside 365 and Providence.”
“We believe this combination presents the opportunity to enhance value and create a more diversified business that can better serve FSOs, non-FSO customers, and end users,” said Scott Marimow, managing director at Providence. “The combination will help accelerate product innovation and provide a number of attractive cross-selling opportunities across the value chain. We are proud to continue our work with the 365 and Cantaloupe teams as they redefine their sector and better support the growing needs of their thousands of highly-valued customers.”
Under the agreement, Cantaloupe shareholders will receive $11.20 per share in cash. The per share purchase price represents a 34% premium to Cantaloupe’s unaffected closing stock price on May 30, 2025, 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, 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.
Founded in 2008, 365 provides technology for food service operators, including software, payment processing, and point-of-sale hardware. Customers include corporate offices, manufacturing and distribution centers, hospitality settings, senior living centers, universities, and more, locations offering vending, catering, dining, and micro-markets.
More at www.cantaloupe.com and www.365retailmarkets.com.