MALVERN, Pa.--(BUSINESS WIRE)--USA Technologies, Inc. (NASDAQ:USAT), a premier payment technology service provider of integrated cashless and mobile transactions in the self-service retail market, today announced that 16 customers have signed agreements during their fiscal quarter ended December 31, 2017 to adopt one or more of the performance optimization elements of USAT's newly acquired end-to-end enterprise services: Seed Pro, SeedSync and Seed Office. Customers include Berkshire Foods, Team Modern and Downey Vendors, which have all signed agreements to add the newly acquired analytics software into their existing USAT ePort Connect cashless payment services to improve efficiency, achieve scalability, and maximize the investment they have already made in USAT's market-leading ePort Connect platform.
The news comes on the heels of an announcement in December which reported that Canteen franchisees Southern Vending and RDS Vending, LLC, along with Miami Vending Machines, would adopt Seed Pro and Seed Office services.
“This continued momentum validates the combined synergies we share with the newly-acquired Cantaloupe Systems, and demonstrates the value that the combined platform brings with Seed Pro and Seed Office,” said Michael K. Lawlor, chief services officer, USA Technologies. “Our customers are looking to increase efficiencies and want to leverage their existing relationships with us as a one-stop provider. We are thrilled that more and more customers recognize the value of our best-in-class logistics and enterprise software, and the ability to add it to their current portfolio of USAT cashless payment and consumer engagement services through one company. We anticipate this momentum will grow as we continue to educate customers on how they can benefit from our expanded portfolio.”
USAT completed the acquisition of Cantaloupe Systems, which includes its Seed Office and Seed Pro services, on November 9, 2017, adding logistics, dynamic route scheduling, automated pre-kitting, responsive merchandising, inventory management, warehouse and accounting management to its existing portfolio of cashless payment, loyalty and consumer engagement services. The combined portfolio is designed to provide an enterprise system for self-service unattended retail businesses like vending.
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About USAT's Premium Support Service:
USAT's Premium Support Service bundles USAT's best-in-class services to ensure the most effective deployments of USAT's cashless technology through cohesive planning that maximizes returns. Services include USAT's Model Market program for planning, project management, installation support, and marketing support; integration of deployment planning, installation and performance optimization; access to USAT's flagship KnowledgeBase data; and customized reporting in support of deployment, and DEX project management. USAT's Premium Support Service is available to customers that have made a commitment to connect a significant portion of their locations to USAT's service.
About ePort Connect®:
USAT's ePort Connect service is a PCI-compliant suite of cashless payment and telemetry services specially tailored to fit the needs of self-serve retail industries. Designed to be a "one-stop shop," services offered through ePort Connect include wireless and merchant account setup, simplified processing rates, settlement and reconciliation, 24 x 7 customer service and a host of value-added services including mobile payment, loyalty programs and integrated payment services for micro-markets and other POS devices.
About USA Technologies:
USA Technologies, Inc. is a premier payment technology service provider of integrated cashless and mobile transactions in the self-service retail market. The company also provides a broad line of cashless acceptance technologies including its NFC-ready ePort® G-series, ePort Mobile™ for customers on the go, ePort® Interactive, and QuickConnect, an API Web service for developers. Through its recent acquisition of Cantaloupe Systems, Inc., the company also offers logistics, dynamic route scheduling, automated pre-kitting, responsive merchandising, inventory management, warehouse and accounting management solutions. Cantaloupe Systems is a premier provider of cloud and mobile solutions for vending, micro markets, and office coffee services. USA Technologies and Cantaloupe Systems have 85 United States and foreign patents in force; and have agreements with Verizon, Visa, Chase Paymentech and customers such as Compass, AMI Entertainment and others. For more information, please visit the website at www.usatech.com.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: All statements other than statements of historical fact included in this release, including without limitation the business strategy and the plans and objectives of USAT's management for future operations, are forward-looking statements. When used in this release, words such as "anticipate", "believe", "estimate", "expect", "intend", and similar expressions, as they relate to USAT or its management, identify forward-looking statements. Such forward-looking statements are based on the beliefs of USAT's management, as well as assumptions made by and information currently available to USAT's management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors, including but not limited to, the ability of USAT to predict future market conditions and customer response to USAT's new product and service offerings; and the possibility that all of the expected benefits and efficiencies from its newly combined offering, including improvements in efficiencies and scalability, will not be realized by all vending operators and on all vending machines or within the expected time period. Readers are cautioned not to place undue reliance on these forward-looking statements. Any forward-looking statement made by us in this release speaks only as of the date of this release. Unless required by law, USAT does not undertake to release publicly any revisions to these forward-looking statements to reflect future events or circumstances or to reflect the occurrence of unanticipated events.