Cantaloupe, Inc., a Nasdaq-listed end-to-end technology solutions for self-service commerce, has announced its acquisition of point-of-sale tech startup Cheq Lifestyle Technology, Inc. (CHEQ) for an undisclosed amount.
This strategic acquisition is poised to enhance Cantaloupe’s market presence by integrating CHEQ’s innovative mobile ordering and payment systems into its suite of self-service solutions.
CHEQ, known for its cutting-edge technology that streamlines operations and elevates customer experience in venues, has been instrumental in driving efficiency and revenue growth for its clients.
Its platform has successfully powered payments for notable sports teams and entertainment venues, including the Washington Commanders, Florida Panthers, and Miami Marlins, among others.
CHEQ’s solutions have been lauded for increasing food and beverage sales, accelerating transaction times, and boosting customer engagement and traffic.
Ravi Venkatesan, CEO of Cantaloupe, Inc., expressed enthusiasm about the acquisition, highlighting the synergy between Cantaloupe’s and CHEQ’s product lines and the potential for significant market expansion.
“The acquisition of CHEQ expands Cantaloupe’s addressable market into a new and rapidly growing sector,” Venkatesan noted, emphasizing the combined potential to enhance their footprint across a broader customer base.
The acquisition brings together CHEQ’s enterprise-grade POS platform, omnichannel solutions, socially connected payment options, and customizations for teams and venues with Cantaloupe’s comprehensive self-service commerce technology.
This merger is set to offer a more extensive range of solutions for stadiums, entertainment venues, festivals, hospitality, theme parks, and restaurants, promising to redefine the consumer experience in these settings.
Thomas Lapham, CEO of CHEQ, shared his optimism about joining forces with Cantaloupe, stating that this partnership would enable CHEQ to leverage Cantaloupe’s innovation and extensive distribution network to benefit their existing customers and reach new markets.
Cantaloupe Inc., with its global technology leadership in powering self-service commerce, processes over a billion transactions annually across more than a million active locations worldwide. This acquisition marks a strategic step in Cantaloupe’s mission to expand its technology offerings and enhance consumer engagement and operational efficiency across various consumer services sectors.