Vending Technology Acquisition – 365 Retail Markets Buys Cantaloupe

365 Retail Markets To Buy Cantaloupe for $848 M

The acquisition of Cantaloupe, Inc. by 365 Retail Markets is a significant development in the unattended retail sector, with wide-ranging implications for the industry, customers, and shareholders. In summary, the acquisition is expected to create a stronger, more diversified company with the capacity to drive innovation, expand globally, and deliver enhanced value to customers and shareholders, while also accelerating the transformation of the unattended retail sector123

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365 Retail Markets, LLC, a provider of unattended retail technologies, has agreed to acquire Cantaloupe, Inc., a global technology leader offering end-to-end technology solutions for self-service commerce, in an all-cash transaction with an equity value of approximately $848 million, according to a press release.

365 Retail Markets LLC is a portfolio company of Providence Equity Partners L.L.C.

Upon completion of the transaction, Cantaloupe will become a privately-held company. 

Cantaloupe’s and 365’s complementary strengths will 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 offerings in delivering frictionless payments and software services combined with 365’s innovation and focus in self-checkout technology primarily for foodservice operator (FSO) 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.

Synergies include customer cost savings, cross-sell opportunities, and growth through new product rollouts, increased software adoption, and payments expansion. 

“A rapid transformation in unattended retail is underway right now as our customers look for more sophisticated ways to grow their business,” Ravi Venkatesan, CEO of Cantaloupe, said in the press release. “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, a portfolio company of Providence Equity Partners L.L.C. “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 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 terms of 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 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.

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Expected Impact of 365 Retail Markets Acquiring Cantaloupe

The acquisition of Cantaloupe, Inc. by 365 Retail Markets is a significant development in the unattended retail sector, with wide-ranging implications for the industry, customers, and shareholders.

Key Impacts:

1. Creation of a Global Unattended Retail Leader

• The merger combines Cantaloupe’s expertise in frictionless payments and software with 365’s leadership in self-checkout and micro-market technology. This creates a vertically integrated platform that spans hardware, software, payment processing, and data analytics, positioning the combined company as a dominant global player in unattended retail123.

• The combined entity will have a footprint of over 1.34 million devices globally and serve a diverse range of markets including convenience services, foodservice, hospitality, sports, and entertainment across North America, Latin America, and Europe134.

2. Enhanced Product Offering and Innovation

• Customers can expect a broader, more innovative suite of solutions, including payments, telemetry, vertical-specific software, kiosk-based marketplaces, and smart retail innovations156.

• The union is expected to accelerate product innovation, particularly in areas like AI-driven inventory management, dynamic pricing, and omnichannel analytics2.

3. Financial Strength and Synergies

• The transaction, valued at approximately $848 million, is backed by Providence Equity Partners and is fully financed, ensuring financial stability for the combined company178.

• The merger is expected to unlock significant synergies:

  • Cost savings through streamlined operations and shared infrastructure123.

  • Cross-selling opportunities by leveraging each company’s customer base and product suite126.

  • Growth through new product rollouts, increased software adoption, and payments expansion139.

4. Market Expansion and Customer Base Growth

• The combined company will be better positioned to penetrate underserved regions, particularly in Europe and Latin America, with integrated solutions123.

• The expanded product suite and global reach are expected to attract new customers and deepen relationships with existing ones, especially among foodservice operators and enterprise-focused clients14.

5. Shareholder Value and Corporate Structure

• Cantaloupe shareholders will receive $11.20 per share in cash—a 34% premium over the unaffected stock price—offering immediate value1710.

• Upon completion, Cantaloupe will become a privately held company, and its shares will be delisted from public exchanges1710.

6. Industry Implications

• The deal reflects ongoing consolidation in the unattended retail technology sector, aiming to meet growing demand for self-service and frictionless commerce solutions as labor shortages and consumer preferences drive automation23.

• The combined company’s scale and resources are expected to accelerate the adoption of unattended retail technologies globally123.

7. Potential Risks

• The transaction is subject to regulatory and shareholder approvals, though 14% of Cantaloupe’s voting power has already committed in favor126.

• Post-merger integration challenges could impact the realization of anticipated synergies, but both management teams have expressed confidence in a smooth transition2.

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Summary Table: Strategic Impacts