Cantaloupe, Inc. (Nasdaq: CTLP), a prominent provider of end-to-end technology solutions for self-service commerce, has recently completed the acquisition of Cheq Lifestyle Technology, Inc. This strategic move represents a significant investment for Cantaloupe as it prepares to expand into the sports, entertainment, and restaurant sectors with a comprehensive suite of self-service solutions.
The acquisition aims to broaden Cantaloupe’s market presence across various industries, including sports stadiums, entertainment venues, festivals, hospitality, theme parks, full-service and fast-casual restaurants.
Cantaloupe now offers an extensive range of solutions, including an enterprise-grade POS platform with real-time reporting, remote support, and back-end analytics for high-volume venues and complex transactions. In addition, the company provides an omnichannel solution featuring mobile payments (native app, QR codes, NFC, in-seat delivery, pick up with live wait times), POS kiosks, and handheld devices. Furthermore, Cantaloupe’s socially connected solutions enable real-time gifting and foster a sense of community to enhance fan engagement. Customizations for teams and venues, along with key integrations with leading loyalty and team mobile applications, are also part of the offerings.
Established in 2021 and led by Thomas Lapham, CEO, CHEQ Lifestyle Technology is renowned for powering payments for numerous professional sports teams, entertainment venues, and festival operators. Notable clients include the Washington Commanders (NFL), Florida Panthers (NHL), Philadelphia Union (MLS), Miami Marlins (MLB), CFG Bank Arena in Baltimore (Oak View Group), and Loud & Live (Festivals). The company’s innovative solutions leverage mobile ordering, socially connected payments, real-time reporting, and remote support to streamline venue operations, increase efficiency, and boost revenue.
On the other hand, under the leadership of Ravi Venkatesan, CEO, Cantaloupe is a global technology company that enables self-service commerce. With over a million active locations and processing more than a billion transactions every year, Cantaloupe offers vertically integrated solutions, including micro-payments processing, enterprise cloud software, IoT technology, as well as kiosk and POS innovations. Moreover, Cantaloupe’s solutions are used by a variety of consumer services in the U.S., Europe, and Australia, spanning vending machines, micro markets, smart retail, EV charging stations, laundromats, metered parking terminals, amusement and entertainment venues, as well as IoT services.
This significant acquisition positions Cantaloupe as a key player in the self-service technology sector, catering to the specific needs of the sports, entertainment, and restaurant industries.
Source: (FinSMEs, 05/02/2024)
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