Cantaloupe provides digital payments and related software for self-service commerce, including all types of vending machines. The acquisition of 32M comes just months after Cantaloupe promoted its former chief operating officer, Ravi Venkatesan, to the CEO post in October, following the exit of its prior CEO, Sean Feeney.

Cantaloupe, which has about 25,000 customers, had already entered the micro market, partly by tapping the services of 32M. The acquisition adds 32M self-service kiosks, self-service coolers and cloud-based software to the Cantaloupe operations. In some cases, 32M’s software is already connected to Cantaloupe’s platform, allowing the two businesses to now easily upsell and cross-sell across their combined clientele, Venkatesan said in the release.  

The acquisition also increases the size of Cantaloupe’s sales force and customer service staff in the U.S. and U.K., the release said. Cantaloupe expects the business combination will accelerate revenue growth while also expanding the company’s profit margins, according to the release.

Cantaloupe suggested that the purchase also makes Cantaloupe itself more appealing as a potential partner or acquisition target. “We believe that this combination also enhances the value and attractiveness of our company for future partners and strategic opportunities,” Venkatesan noted in the release.

Cantaloupe will have more to say about the acquisition at an upcoming presentation for investors next week on Dec. 12, according to the release.

By Lynne Marek on Dec 5, 2022
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