Who Owns Cantaloupe Company?

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Who Owns Cantaloupe, Inc.?

Understanding a company's ownership is key to its strategic direction. For Cantaloupe, Inc., this is especially true given its recent acquisition agreement. The company, originally USA Technologies, Inc., has been a pioneer in digital payments for unattended retail since 1992.

Cantaloupe's technology powers millions of devices globally, facilitating seamless transactions and operational efficiency. Its growth, marked by an 11% year-over-year revenue increase in Q1 fiscal year 2025 to $75.4 million, highlights its market impact.

Who owns Cantaloupe, Inc. as it transitions to private ownership?

Cantaloupe, Inc., originally incorporated as USA Technologies, Inc. (USAT) in 1992, began its operations in Wayne, Pennsylvania. Stephen P. Herbert is recognized as a key founder and long-serving leader during the company's early years. While precise initial equity splits are not publicly detailed, the company secured early growth through private funding rounds before its public offering.

Founding Vision

The company's early strategy centered on its patented ePort Connect service and ePort cashless acceptance technology. This innovation aimed to facilitate electronic payments for unattended retail environments.

Intellectual Property

A testament to the founding team's focus on innovation, the company has secured over 87 patents. These patents cover various aspects of payment processing, transaction methods, and terminal connection technologies.

Early Governance Challenges

In 2011, then-CEO George Jensen was suspended and later resigned due to sharing company information publicly. Stephen Herbert assumed leadership temporarily until his departure in 2019, which coincided with the initiation of a proxy battle.

Public Trading

The company became publicly traded on NASDAQ in 1996 through its Initial Public Offering (IPO). This move provided access to capital markets crucial for its subsequent expansion and development.

Investor Influence

While a proxy fight occurred in 2012, it did not lead to changes in the board of directors. Later, in 2019, Hudson Executive Capital, the company's largest investor, initiated a proxy battle, leading to Stephen Herbert's departure.

Early Stakeholders

Detailed information regarding initial shareholding percentages for early backers, angel investors, or friends and family during the company's inception phase is not extensively documented in public records.

The company's journey from its inception in 1992 as USA Technologies, Inc. to its current status as Cantaloupe, Inc. reflects a strategic evolution driven by technological innovation and market adaptation. Understanding this early ownership and founding period is key to grasping the company's trajectory and its position in the self-service commerce landscape. For a deeper dive into its historical development, one can refer to the Brief History of Cantaloupe.

Founding and Early Growth

Cantaloupe, Inc. was founded in 1992 as USA Technologies, Inc. (USAT) in Wayne, Pennsylvania. Stephen P. Herbert is recognized as a principal founder and early leader. The company's initial growth was funded through private investment rounds before its public debut.

• Incorporated in 1992 as USA Technologies, Inc.
• Stephen P. Herbert identified as a key founder.
• Early funding secured through private rounds.
• Went public via NASDAQ IPO in 1996.

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Cantaloupe, Inc., formerly USA Technologies, has seen its ownership evolve significantly since its 1996 IPO. The company's transition from a public entity to a private one marks a pivotal moment in its corporate history, impacting its shareholding structure and future direction.

As of March 31, 2025, institutional investors were the dominant force in Cantaloupe's ownership. Key among these were Hudson Executive Capital LP, holding 12.69% (9,270,694 shares), and Abrams Capital Management LP, with 9.831% (7,180,000 shares). BlackRock, Inc. and The Vanguard Group Inc. also maintained significant stakes with 4,465,102 and 3,553,862 shares, respectively. Douglas L. Braunstein stood out as the largest individual shareholder, owning 10.40 million shares, which represented 14.24% of the company's stock.

Acquisition by 365 Retail Markets

A major shift in Cantaloupe's ownership occurred on June 16, 2025, with the announcement of its acquisition by 365 Retail Markets LLC. This all-cash deal, valued at $848 million, will take Cantaloupe private, with shareholders set to receive $11.20 per share, a 34% premium.

• Acquisition agreement signed on June 16, 2025.
• Deal valued at $848 million.
• Shareholders to receive $11.20 per share.
• Expected closing in the second half of 2025.
• Cantaloupe will become a private company.

This acquisition by 365 Retail Markets, a company backed by Providence Equity Partners L.L.C., signifies a new chapter for Cantaloupe. The move is anticipated to foster growth by expanding the combined entity's client base across North America, Latin America, and Europe. The integration is expected to unlock synergies, create cross-selling opportunities, and drive product innovation within the self-service commerce sector. Understanding the Revenue Streams & Business Model of Cantaloupe provides context for this strategic consolidation.

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As of the 2025 Annual Meeting of Shareholders, Cantaloupe, Inc.'s Board of Directors is comprised of nine members, including Chairman Douglas G. Bergeron and CEO Ravi Venkatesan. The board also features Ian Harris, Lisa P. Baird, Jacob Lamm, Ellen Richey, Michael K. Passilla, Anne M. Smalling, and Shannon S. Warren, with Bergeron serving as the Independent, Non-Executive Chair.

The company has been recognized for its commitment to board diversity, with four women serving on its nine-member board in 2024, an achievement that earned it a '2024 Champion of Board Diversity' recognition. This focus on diverse representation highlights a strategic approach to leadership and decision-making. Each share of Common Stock holds one vote, and as of September 8, 2021, there were 70,935,886 shares of Common Stock and 445,063 shares of Series A Preferred Stock outstanding. Each Series A Preferred Stock share carries 0.1988 of a vote, with fractional votes rounded. While specific details on unique voting rights are not publicly detailed, significant institutional investors like Hudson Executive Capital LP and Abrams Capital Management LP likely wield considerable influence. Past events, such as a 2019 proxy battle that led to a CEO change, underscore the impact of activist investors on the company's direction, a factor to consider when examining Growth Strategy of Cantaloupe.

Understanding Cantaloupe's Shareholder Influence

Cantaloupe's voting power is primarily determined by its share structure and the influence of major institutional investors.

• Each common share grants one vote.
• Series A Preferred Stock has a specific voting weight.
• Major shareholders like Hudson Executive Capital LP and Abrams Capital Management LP hold significant voting power.
• Historical proxy battles indicate the potential for shareholder activism to shape corporate decisions.

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Recent developments indicate a significant shift in the ownership structure of the company, moving towards privatization. This transition is set to combine its established presence with a leader in micro markets, aiming for expanded market reach and enhanced technology.

The company has shown strong financial performance leading up to its acquisition. For fiscal year 2024, total revenue reached $268.6 million, marking a 10.2% increase year-over-year. This growth was fueled by a 17.8% rise in transaction fees and an 11.4% increase in subscription fees. Active customers grew by 10.1% to 31,466, with active devices increasing by 4.7% to 1.22 million as of June 30, 2024. In the first quarter of fiscal year 2025, total revenue saw a 13% increase to $70.8 million, with transaction revenue up 18% and subscription revenue up 12%. Adjusted EBITDA for Q1 FY25 was $9 million, a 14% increase. The third quarter of fiscal year 2025 reported revenue of $75.4 million, an 11.1% increase, and adjusted EBITDA of $13.9 million, up 36.6%. These financial results underscore the company's growth trajectory and strategic value, which has attracted significant interest, including its recent Competitors Landscape of Cantaloupe.

Financial Performance Highlights

Fiscal year 2024 revenue was $268.6 million, up 10.2% year-over-year. Q1 FY25 revenue increased 13% to $70.8 million.

Strategic Acquisitions

Acquisitions of CHEQ, SB Software, and VendCentral in 2024 and early 2025 expanded market reach and capabilities.

Leadership and Future Outlook

Ravi Venkatesan became CEO in October 2022. The impending privatization aims to leverage combined strengths for future growth.

Ownership Transition

The acquisition by 365 Retail Markets LLC for $848 million marks a significant shift towards private ownership.

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