Pennsylvania business Cantaloupe acquires self-service POS solution provider

Cantaloupe, Inc., based in Malvern, Pa., announced Monday it had acquired Three Square Market (32M) to grow into the micro market industry.

Cantaloupe, a digital payments and software company, said it acquired 32M for $41 million. A provider of self-service kiosk-based point of sale software and payment solutions, 32M will provide Cantaloupe with the ability to deliver “full-service capabilities” to Cantaloupe’s presence in the micro market industry while expanding its international footprint.

“The acquisition of 32M, with its expansive portfolio of micro-market technology and broad geographic footprint, immediately accelerates two of our most important strategic growth priorities. 32M is already an integrated partner of our Seed Markets software platform, which will enable Cantaloupe to capture additional revenue synergies through cross-sell and upsell opportunities throughout our combined customer base. We are now well positioned as a best-in-class technology provider for the accelerating self-service commerce industry,” Cantaloupe CEO Ravi Venkatesan said.

According to the company, the acquisition will help Cantaloupe provide a comprehensive line of self-service kiosks, smart coolers, and cloud-based software; expand Cantaloupe’s micro market presence by adding nearly 3,000 locations across North America, as well as in the United Kingdom, Sweden, and Romania; increase the company’s direct sales force and customer service teams; generate opportunities for revenue synergies between the two companies; and enhancing Cantaloupe’s revenue growth and EBITDA margins immediately.

“Bringing 32M into Cantaloupe and gaining access to Cantaloupe’s 25,000+ customer base, from small and medium businesses to large enterprises, is an exciting opportunity for us,” said Tony Danna, president of 32M. “We can now better leverage Cantaloupe’s Seed platform with our existing customers, both in the US and other geographies, and expect to benefit from a combined salesforce to help our products reach more customers.”