HAMDEN, Conn.--(BUSINESS WIRE)--TransAct® Technologies Incorporated (Nasdaq: TACT) (“TransAct” or “the Company”), a global leader in software-driven technology and printing solutions for high-growth markets, highlighted today its early sales success for its revolutionary BOHA!™ ecosystem since the product’s market introduction in March. To date, TransAct has secured commitments from ten distinct restaurant or foodservice operators representing a broad mix of customers to deploy BOHA! solutions in their operations. Related to these initial commitments, the Company expects to roll-out approximately 240 BOHA! Terminals over the balance of the year.
The annual recurring revenue related to the above noted BOHA! solution sales reflects a 1:1 ratio to the one-time hardware related revenue recognized at the time of the sale. TransAct expects that as the BOHA! solution continues to gain traction in the marketplace, the ratio of recurring revenue to one-time hardware related revenue will grow, as customers include more BOHA! apps in their initial installation or integrate additional BOHA! apps following deployments.
BOHA! is the first single-vendor solution to combine applications for Inventory Management, Temperature Monitoring of Food and Equipment, Food Safety Labeling, Food Recalls, Checklists & Procedures, Equipment Service Management and Delivery Management in one fully-integrated platform. Each BOHA! solution combines cloud-based SaaS applications with hardware and accessories to deliver superior results for critical back-of-house operations. BOHA! offers a one-stop solution for restaurants and food service companies to address their current back-of-house operating requirements while providing a future-ready platform capable of addressing back-of-house operations as they continue to evolve. BOHA! Terminal includes TEMS (TransAct Enterprise Management System) to ensure only approved apps and functions are available on the device.
Bart C. Shuldman, Chairman and CEO of TransAct Technologies, said, “We’re pleased with the industry reception for our revolutionary BOHA! SaaS-based software and hardware ecosystem since its introduction just one month ago. It’s clear from these early sales and from the high level of ongoing customer discussions and customer trials of our BOHA! solutions that we are at the forefront of offering the restaurant and foodservice industries a compelling suite of integrated software applications and hardware solutions to automate their back-of-house operations. This early level of interest across a broad array of customer sizes and operational complexity confirms our belief that BOHA! represents the largest single addressable market opportunity that TransAct has had in our history.”
TransAct is hosting a product showcase for its BOHA!TM SaaS-based ecosystem for investors in New York City on April 23 in the Henry Room at the Lotte New York Palace (455 Madison Ave, New York, NY 10022). Parties interested in attending or interested in seeking additional information about the event are asked to contact Richard Land or Jim Leahy of JCIR at tact@jcir.com or 212/835-8500.
For more information on the Company’s BOHA! ecosystem, please visit www.transact-tech.com/restaurant-solutions/boha.
About TransAct Technologies Incorporated
TransAct Technologies Incorporated is a global leader in developing software-driven technology and printing solutions for high-growth markets including restaurant solutions, POS automation, casino and gaming, lottery, mobile and oil and gas. The Company’s solutions are designed from the ground up based on customer requirements and are sold under the BOHA!™, EPICENTRAL®, Epic®, Ithaca®, RESPONDER and Printrex® brands. TransAct has over 3.0 million printers and terminals installed around the world and is committed to providing world-class service, spare parts and accessories to support its installed product base. Through the TransAct Services Group, the Company also provides customers with a complete range of supplies and consumable items both online at http://www.transactsupplies.com and through its direct sales team. TransAct is headquartered in Hamden, CT. For more information, please visit http://www.transact-tech.com or call (203) 859-6800.
BOHA! is a trademark of TRANSACT Technologies Incorporated. ©2019 TRANSACT Technologies Incorporated. All rights reserved.
Forward-Looking Statements
Certain statements in this press release include forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology, such as "may", "will", "expect", "intend", "estimate", "anticipate", "believe" or "continue" or the negative thereof or other similar words. All forward-looking statements involve risks and uncertainties, including, but not limited to, customer acceptance and market share gains, both domestically and internationally, in the face of substantial competition from competitors that have broader lines of products and greater financial resources; our competitors introducing new products into the marketplace; our ability to successfully develop and introduce new products and the acceptance of such products in the marketplace; our dependence on significant customers; our dependence on significant vendors; dependence on contract manufacturers for the assembly of a large portion of our products in Asia; our ability to protect intellectual property; our ability to recruit and retain quality employees as the Company grows; our dependence on third parties for sales outside the United States, including Australia, New Zealand, Europe, Latin America and Asia; the economic and political conditions in the United States, Australia, New Zealand, Europe, Latin America and Asia; marketplace acceptance of new products; risks associated with foreign operations; the availability of third-party components at reasonable prices; price wars or other significant pricing pressures affecting the Company's products in the United States or abroad; risks associated with potential future acquisitions; the risk that our new line of food safety and oil and gas products will not drive increased adoption by customers; and other risk factors detailed in TransAct's Annual Report on Form 10-K and other reports filed with the Securities and Exchange Commission. Actual results may differ materially from those discussed in, or implied by, the forward-looking statements. The forward-looking statements speak only as of the date of this release and the Company assumes no duty to update them to reflect new, changing or unanticipated events or circumstances.
