Cantaloupe, Inc. Explained

Cantaloupe, Inc.
Former Name:USA Technologies Inc.
Type:Public
Traded As:NASDAQ:
Industry:Point of sale software
Key People:Sean Feeney (CEO)[1]
Foundation:, in Pennsylvania, US
Location City:Malvern, Pennsylvania
Location Country:United States[2]
Num Employees:150

Cantaloupe, Inc., previously known as USA Technologies Inc., is an American company known for its work with ePort cashless acceptance technology running on its patented ePort Connect service, a PCI compliant services. ePort Connect wirelessly facilitates electronic payment options to consumers with credit, debit, or NFC enabled electronic wallets like Apple Pay and Google Pay while providing operators with both telemetry and machine-to-machine (M2M) services. ePort technology is primarily found in vending machines, kiosks and point-of-sale (POS) terminals, but the ePort Online and ePort Mobile products have extended the network to accept recurring payments from a PC or retail outlets and the taxi industry through smartphone devices.[3] [4] [5] [6]

History

USA Technologies was founded in 1992 and holds more than 87 patents on its products and services. Its patents range from payment processing, transaction methods, and terminal connection methods to energy management and telematics.[7] There are currently over 250,000 connections to its ePort Connect Service.[8] The company was named in Deloitte L.L.P.'s 2014 Technology Fast 500 List of the fastest-growing companies in North America.[9] [10] They worked with Setomatic Systems to be the first to bring NFC technology into the self-service laundry market[11] The Nilson Report ranked USA Technologies 6th in the US (and 28th worldwide) in POS shipments,[12] and they received the 2014 Frost & Sullivan North American Customer Value Leadership Award in Financial Services and Retail M2M Communications.[13]

In 2010, a proxy fight for the company's board of directors took place with shareholder group SAVE Partners.[14] This proxy fight ended with the addition of two SAVE Board candidates and the modification of company policies.[15] In 2012, there was another proxy fight involving SAVE, but this dispute resulted in no change to the board.[16]

USA Technologies' CEO George Jensen was suspended on 4 October 2011, after he was revealed to be posting company information to an investor board and resigned two weeks later.[17] Stephen Herbert was appointed as CEO and held that position until he stepped down in 2019 due to the "start of a proxy battle brought by its largest investor", Hudson Executive Capital.[18]

USA Technologies announced its name change to Cantaloupe, Inc. on 19 April 2021.[19] [20]

Products

Cantaloupe's primary product is the ePort, a cashless payment terminal for vending machines, kiosks, and POS terminals. The ePort EDGE accepts magnetic swipe cards, and the ePort G8 & G9 series also accept contactless cards, FOB, PIN, and virtual wallets such as Apple Pay and Softcard.[21] [22] [23] [24] [25] [26] It features an inclusive system for providing remote audits, cashless payment, and interactive transaction capabilities in a vending machine.[27] In 2010, the ePort EDGE won the National Automatic Merchandising Association (NAMA) award for innovation in cashless vending technology.[28] [29] [30]

Specific to vending machines, Cantaloupe holds over a dozen patents and have maintained partnerships with MasterCard Worldwide,[31] Dr. Pepper/Seven Up,[32] Kodak, ZiLOG, CineMachine, MEI, and Wurlitzer, among others.[33]

The company has been ranked several times among the leading shippers of point-of-sale terminals by The Nilson Report, a source of news and research on consumer payment systems worldwide. In 2009, it ranked 6th in the US and 31st in the world.[34] [35] [36] In 2013, the report ranked 6th in point-of-sale shipments in the United States and 28th in the world.[12] Cantaloupe announced its expansion initiatives in Australia in June 2018.[37]

Notes and References

  1. Web site: Cantaloupe Inc - Company Profile and News - Bloomberg Markets . www.bloomberg.com . Bloomberg . 21 May 2021.
  2. Web site: Contact USA Technologies . USA Technologies . 15 November 2012.
  3. Web site: USA Technologies :: Energy Management . Usatech.com . 2010-10-23 . https://web.archive.org/web/20110422174114/http://usatech.com/energy_management/index.php . 2011-04-22 . dead .
  4. Web site: Article: USA Technologies: EnergyMiser 'hot green' product as nation turns to... | AccessMyLibrary - Promoting library advocacy . AccessMyLibrary . 2009-02-01 . 2010-10-23.
  5. Web site: EnergyMiser for Vending Machines Cuts Energy Costs, . GoodCleanTech . 2007-10-10 . 2010-10-23.
  6. Web site: EnergyMiser, A 'Hot Green' Product As North America Turns To Intelligent Solutions To Conserve Energy | Electrical Line Magazine - Canada's Electrical Trade Publication . Electricalline.com . 2010-10-23.
  7. Web site: USA Technologies :: Company Overview . Usatech.com . 2010-10-23.
  8. Web site: USA Technologies Celebrates Cashless Adoption in Self-Serve Retail with a Milestone 250,000 Connections to its ePort Connect Service - Articles - Vending Times. www.vendingtimes.com.
  9. Web site: Development . Deliotte . Deloitte's 2014 Technology Fast 500 Powerful Connections .
  10. Web site: USA Technologies Ranked On Deloitte's 2014 Technology Fast 500™. 5 January 2015.
  11. Web site: USA Technologies, Setomatic Systems Bring NFC-Based Mobile Payment and Loyalty Program to Commercial Laundry Market. 5 January 2015.
  12. Web site: The Nilson Report Ranks USA Technologies 6th in U.S. and 28th in Worldwide POS Terminal Shipments for 2013. 5 January 2015.
  13. Web site: USA Technologies Receives Frost & Sullivan's 2014 North American Customer Value Leadership Award in Financial Services and Retail M2M Communications. 5 January 2015.
  14. Web site: USA Technologies faces second proxy fight in three years . The Philadelphia Inquirer . Armstrong . Michael . 23 May 2012 . 12 November 2012.
  15. Web site: USA Technologies and SAVE Announce Settlement of Proxy Contest . Bloomberg . 5 February 2010 . 12 November 2012.
  16. Web site: Shareholders group disputes USA Technologies' proxy victory . Key . Peter . Philadelphia Business Journal . 28 June 2012 . 12 November 2012.
  17. Web site: USA Technologies Says CEO Dismissed Over Online Posts . Fox Business . Booton . Jennifer . 19 October 2011 . 12 November 2012 . https://web.archive.org/web/20120923015435/http://www.foxbusiness.com/technology/2011/10/19/usa-technologies-says-ceo-dismissed-over-online-posts/ . 23 September 2012 . dead . dmy-all .
  18. Web site: Blumenthal . Jeff . USA Technologies CEO resigns amid proxy fight .
  19. Web site: USA Technologies Officially Launches as Cantaloupe, Inc. . www.businesswire.com . 21 May 2021 . en . 2021-04-19.
  20. Web site: StackPath . 2022-03-25 . www.vendingmarketwatch.com. 19 April 2021 .
  21. Web site: USA Technologies :: ePort . Usatech.com . 2010-10-23.
  22. Web site: USAT Enhances ePort Connect, Launches Deployment Consulting Service | Articles | Vending Times Inc . Vendingtimes.net . 2009-04-22 . 2010-10-23.
  23. Web site: Levere . Jane L. . USA Technologies Inc. News - The New York Times . Topics.nytimes.com . 2010-10-23.
  24. Web site: USA Technologies launches ePort wireless test kit . Finextra.com . 2010-03-31 . 2010-10-23.
  25. Web site: Mastercard and USA Technologies bring contactless payment to Cadbury Schweppes vending machines . Finextra.com . 2006-12-21 . 2010-10-23.
  26. Web site: Vending Times Features USA Technologies and Pepi Food Services . TradingMarkets.com . 2010-10-11 . 2010-10-23 .
  27. News: USA Technologies Awarded Key Vending Patent - SecureIDNews. SecureIDNews. 2018-08-20. en-US.
  28. Web site: NAMA Lauds Creativity With iSpot Awards For OneShow Exhibitors | Articles | Vending Features | Vending Times Inc . Vendingtimes.com . 2010-04-19 . 2010-10-23 . 2010-04-25 . https://web.archive.org/web/20100425065113/http://www.vendingtimes.com/ME2/dirmod.asp?sid=EB79A487112B48A296B38C81345C8C7F&nm=Vending+Features&type=Publishing&mod=Publications%3A%3AArticle&mid=8F3A7027421841978F18BE895F87F791&tier=4&id=5DA62A60707C45B8A5F7F1BAE9899FF2 . dead .
  29. Web site: ePort EDGE, Winner of the 2010 NAMA Innovation Award. - Free Online Library . Thefreelibrary.com . 2010-04-30 . 2010-10-23.
  30. Web site: Smart Products | USA Technologies Selects Telit Wireless' Module For Vending Device . Smart-products.tmcnet.com . 2010-10-23 . dead . https://web.archive.org/web/20100403080629/http://smart-products.tmcnet.com/topics/smart-products/articles/80119-usa-technologies-selects-telit-wireless-module-vending-device.htm . 2010-04-03 .
  31. News: Coke Machines Go Cashless with MasterCard. 2018-08-20. en.
  32. News: A vending machine that takes plastic: priceless. 2007-02-23. Daily News. 2018-08-20. en-US.
  33. Book: Asia Unplugged: The Wireless and Mobile Media Boom in the Asia-Pacific. Rao. Madanmohan. Mendoza. Lunita. SAGE Publications. 2005. 0761932720. Thousand Oaks, CA. 176.
  34. Web site: USA Technologies Improves Ranking as Leading Global Shipper of POS Terminals :: USA Technologies News . Usatech.com . 2010-10-23.
  35. Web site: Record Growth Ranks USA Technologies #6 in US, #26 Globally for POS Terminal Shipments in 2007 :: USA Technologies News . Usatech.com . 2008-10-24 . 2010-10-23.
  36. Web site: USA Technologies » In the News ». www.usatech.com.
  37. News: ADVAM and USA Technologies Launch EMV Payment Solution for Australian Vending Market. 2018-08-20. en.

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