365 Retail Markets will buy Cantaloupe in all-cash deal

In a marriage of technology leaders for the unattended retail industry, 365 Retail Markets will acquire Cantaloupe Inc. in an all-cash transaction with an equity value of approximately $848 million.

The combined company will be better positioned to offer “seamless unattended retail platform for customers around the globe,” according to a shared release announcing the acquisition, bringing together the companies’ shared experience with hardware, software, payment processing technology and data analytics.

Cantaloupe’s global experience with providing payment technology and software in markets beyond food service operators will extend the combined company’s expertise in convenience services, retail, hospitality, and sports and entertainment. The companies point to a “strong financial foundation” and “meaningful synergies” that will support customer cost savings, cross-sell opportunities, and growth through new product rollouts, increased software adoption and payments expansion.

Transaction details

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 was approved unanimously by the Cantaloupe board of directors and is expected to close in the second half of 2025, subject to customary closing conditions, including shareholder approval and receipt of the required regulatory approvals. The transaction is not subject to a financing condition, and 365 has received fully committed financing for the transaction.

Certain shareholders and members of the Cantaloupe board of directors have entered into voting agreements pursuant to which they have agreed, among other things, to vote their shares of Cantaloupe stock in favor of the transaction, subject to certain conditions. These shareholders currently represent approximately 14% of the voting power of Cantaloupe’s stock.

What they are saying

“A rapid transformation in unattended retail is underway right now as our customers look for more sophisticated ways to grow their business,” said Ravi Venkatesan, CEO of Cantaloupe. “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. “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 have the utmost respect for the Cantaloupe team and look forward to working with them, while continuing our successful partnership with Providence, to accelerate our combined growth, expand our global reach, and shape the future of unattended retail.”

365 is a portfolio company of Providence Equity Partners LLC, a private equity firm. Upon completion of the transaction, Cantaloupe will become a privately held company.

“We are delighted to reach this agreement, which we are confident maximizes value for our shareholders while positioning our company, team, and valued customers for continued growth and success,” said Douglas Bergeron, chairman of the board of Cantaloupe. “Ravi and his team have transformed Cantaloupe into a rapidly growing, highly successful software and services enterprise, and this is the right next step for the company. We are excited about the journey ahead for Cantaloupe as it writes its next chapter alongside 365 and Providence.”

“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.”