MALVERN, Pa.--(BUSINESS WIRE)-- USA Technologies, Inc. (NASDAQ: USAT), ("USAT"), a leader of wireless, cashless payment and M2M telemetry solutions for small-ticket, self-serve retailing industries, today announced that it had been ranked number 388 on Deloitte's Technology Fast 500™, a ranking of the 500 fastest growing technology, media, telecommunications, life sciences and clean technology companies in North America. The ranking is based on revenue growth from fiscal year 2009 through fiscal year 2013; USA Technologies grew 199% percent during this period. This is the fourth time USA Technologies has ranked as a Technology Fast 500™ award winner.
The company's 199% revenue growth is credited to, among other things, innovative tools specifically designed to connect USA Technologies' customers with the data, analytics and communication tools they need to run their business efficiently, along with integrated payment systems that connect assorted payment devices to the aforementioned tools and tracking systems. In addition, the revenue growth reflects relationships that USA Technologies has developed with its customers, allowing for market needs to be met with guidance based on market data gleaned from over 276,000 connections to our EPort Connect Service.
"We are pleased to once again be ranked among the 500 fastest growing technology companies in North America," said Stephen P. Herbert, Chairman and Chief Executive Officer of USA Technologies. "Our growth speaks simultaneously to the dedication of the USAT team to meeting the service, technology and business needs of our customers every day, and the tremendous potential that we believe continues to exist for cashless payment and telemetry solutions in our market segment."
"The combination of market opportunity and our unique, customer-driven innovation provides USA Technologies with what we view as a significant edge as the cashless payment and M2M (machine to machine) market continues to accelerate. With over a decade of experience in cashless payments, 3 years' experience in mobile payments and what we believe is the largest network of NFC-enabled contactless terminals accepting mobile wallets like Apple Pay and Softcard in the United States, USA Technologies is a market leader for good reason," concluded Mr. Herbert.
"The companies ranked on the 2014 Deloitte Technology Fast 500 continue to set the bar for their industry higher each year," said Eric Openshaw, vice chairman, Deloitte LLP and U.S. technology, media and telecommunications leader. "There are so many exciting products and smart thought leaders driving this list. We congratulate the Fast 500 companies and look forward to seeing them continue their momentum into 2015."
"For 20 years, the Deloitte Fast 500 rankings have honored the innovation that is part of these companies' DNA," added Jim Atwell, national managing partner of the emerging growth company practice, Deloitte & Touche LLP. "We're glad to be serving these high-growth companies, and helping the technology sector recognizes the great strides and transformation these companies are making in their respective areas."
About Deloitte's 2014 Technology Fast 500™
Technology Fast 500, conducted by Deloitte LLP, provides a ranking of the fastest growing technology, media, telecommunications, life sciences and clean technology companies - both public and private - in North America. Technology Fast 500 award winners are selected based on percentage fiscal year revenue growth from 2009 to 2013. In order to be eligible for Technology Fast 500 recognition, companies must own proprietary intellectual property or technology that is sold to customers in products that contribute to a majority of the company's operating revenues. Companies must have base-year operating revenues of at least $50,000 USD or CD, and current-year operating revenues of at least $5 million USD or CD. Additionally, companies must be in business for a minimum of five years and be headquartered within North America.
About USA Technologies:
USA Technologies is a leader of wireless, cashless payment and M2M telemetry solutions for small-ticket, self-serve retailing industries. ePort Connect® is the company's flagship service platform, a PCI-compliant, end-to-end suite of cashless payment and telemetry services specially tailored to fit the needs of small ticket, self-service retailing industries. USA Technologies also provides a broad line of cashless acceptance technologies including its NFC-ready ePort® G-series, ePort Mobile™ for customers on the go, and QuickConnect, an API Web service for developers. USA Technologies has been granted 87 patents; and has agreements with Verizon, Visa, Elavon and customers such as Compass, AMI Entertainment and others. Visit the website at www.usatech.com.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: All statements other than statements of historical fact included in this release, including without limitation, USAT's anticipated commercial availability and costing of its new generation products, programs, and services, are forward-looking statements. When used in this release, words such as "anticipate", "believe", "estimate", "expect", "intend", and similar expressions, as they relate to USAT or its management, identify forward-looking statements. Such forward-looking statements are based on the beliefs of USAT's management, as well as assumptions made by and information currently available to USAT's management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors, including but not limited to, business, financial market and economic conditions; USAT's ability to accurately predict future market conditions, consumer behavior and levels of cashless usage; and the ability of USAT to obtain widespread commercial acceptance of its programs and services. Readers are cautioned not to place undue reliance on these forward-looking statements. Any forward-looking statement made by us in this release speaks only as of the date of this release. Unless required by law, USAT does not undertake to release publicly any revisions to these forward-looking statements to reflect future events or circumstances or to reflect the occurrence of unanticipated events.