The acquisition delivers full service capabilities to Cantaloupe's presence in the micro market industry while also immediately expanding Cantaloupe's international footprint for its full suite of products.
Cantaloupe plans to continue to support the 32M brand and the company's employees will continue to work out of its facilities in
"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," Venkatesan said in the press release. "We look forward to providing updated guidance, including the impact of our 32M acquisition."
The acquisition provides a line of self-service kiosks, smart coolers and cloud-based software already integrated with Cantaloupe's Seed Markets software platform.
The acquisition also expands Cantaloupe's micro market presence by adding nearly 3,000 locations across
It also increases direct salesforce and customer service teams in both the
The acquisition further generates opportunities for revenue synergies through converting current 32M customers to Seed Markets software platform, as well as cross-selling 32M's micro market technology to Cantaloupe's existing food and beverage customers.
"Bringing 32M into Cantaloupe and gaining access to Cantaloupe's 25,000-plus customer base, from small and medium businesses to large enterprises, is an exciting opportunity for us," said
The purchase price of
Cantaloupe has funded the cash portion with
32M is estimated to produce
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