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JP Morgan Chase Provides $37.5MM to Fintech USA Technologies

November 10, 2017, 07:25 AM
Filed Under: Mergers & Acquisitions

USA Technologies, Inc., payment technology service provider of integrated cashless and mobile transactions in the self-service retail market, announced the completion of its previously announced acquisition of Cantaloupe Systems, Inc.

USAT paid $65 million in cash and issued shares of USAT common stock valued pursuant to the merger agreement at $19.81 million. USAT also assumed $1.8 million of Cantaloupe's notes payable. The company funded the transaction with cash on hand from the recent public offering which closed in July 2017, and through a new $37.5 million credit facility with JP Morgan Chase Bank, N.A. Cantaloupe is now a wholly-owned subsidiary of USAT and will continue to operate from its San Francisco, California office.

Cantaloupe provides cloud and mobile solutions for vending, micro markets, and office coffee service, in a transaction valued at approximately $85 million.


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