Cantaloupe, Inc. Acquires Micro-Market Innovator Yoke Payments™
Cantaloupe, Inc. (Nasdaq: CTLP) has acquired the assets of Delicious Nutritious LLC, known as Yoke Payments™, enhancing its offerings in the unattended retail market. Yoke's advanced point-of-sale technology will integrate with Cantaloupe's existing platforms, providing self-checkout solutions and improving logistics for micro markets. This acquisition aims to unlock new revenue streams and expand capabilities, leveraging Yoke's existing integration with over 40 major platforms. Cantaloupe's CEO stated the deal follows a successful four-year collaboration with Yoke.
- Acquisition of Yoke Payments enhances Cantaloupe's technology solutions.
- Improves logistics and payment processing for micro markets.
- Integration with over 40 major platforms simplifies operations.
- Potential for increased customer engagement and retention.
- None.
The NAMA Show 2021 -- Cantaloupe, Inc. (Nasdaq: CTLP) (“Cantaloupe” or the “Company”), a digital payments and software services company that provides end-to-end technology solutions for the unattended retail market, today announced it has acquired the assets of Delicious Nutritious LLC, dba Yoke Payments™ (“Yoke”), a Los Angeles, Calif. award-winning micro market payments company. Yoke’s kiosk and mobile apps will be showcased during The NAMA Show 2021 in New Orleans, La. at Cantaloupe’s booth #1231.
Cantaloupe’s Seed Markets™ offering enables its customers to optimize their micro market business by integrating route scheduling, warehouse pre-picking, and reporting for markets, vending, office coffee services (OCS) and pantry. Through the acquisition, Yoke’s point-of-sale platform will now extend this offering to provide self-checkout while seamlessly integrating with Cantaloupe’s inventory management and payment processing platforms.
“Micro markets are the fastest growing segment of the unattended retail industry. While through Seed Markets we already provide logistics and payments services for thousands of micro markets, we knew that extending our fully integrated solution to point-of-sale was important to our customers,” said Sean Feeney, chief executive officer, Cantaloupe, Inc. “Having worked with Yoke for the last four years, this acquisition was a natural progression of our relationship, as the technology is best-in-class and already integrated with Seed Markets. Now we will be able to expand our micro market offerings to any location as we continue to invest in the space, unlocking new revenue and optimization opportunities and enabling them to further scale their business into this important and growing retail segment.”
Yoke’s technology currently integrates seamlessly with more than 40 major platforms, enabling faster onboarding through a plug and play setup that simplifies operations and reduces costs, creating a profitable and scalable micro-market solution for small to medium business; as well as enterprise customers looking to maximize existing locations. In addition, its mobile capabilities facilitate a direct line of communication between merchants and consumers. This enables promotions, coupons, and loyalty and rewards programs, all helping increase customer engagement and retention.
“This is an amazing opportunity for the Yoke team and our customers,” said Michael Johnson, co-founder and chief executive officer, Yoke Payments. “We share many of the same core values, including a passion for delivering solutions that drive our industry forward. In joining the Cantaloupe team, we continue to hold innovation at our core, remain focused on enhancing our micro-market solutions and have the opportunity to expand our global footprint side-by-side with one of the most innovative companies in the industry.”
Co-founders Michael Johnson and Benjamin Thomas will continue to drive Yoke’s growth as members of the Cantaloupe team. Terms of the transaction were not disclosed.
About Cantaloupe, Inc.
Cantaloupe, Inc. is a software and payments company that provides end-to-end technology solutions for the unattended retail market. Cantaloupe is transforming the unattended retail community by offering one integrated solution for payments processing, logistics, and back-office management. The Company’s enterprise-wide platform is designed to increase consumer engagement and sales revenue through digital payments, digital advertising and customer loyalty programs, while providing retailers with control and visibility over their operations and inventory. As a result, customers ranging from vending machine companies, to operators of micro-markets, gas and car charging stations, laundromats, metered parking terminals, kiosks, amusements and more, can run their businesses more proactively, predictably, and competitively.
About Yoke Payments
Yoke Payments, an award-winning micro market payments company delivers an all-in-one solution for operators who strive to have quick and reliable service for their end users. Yoke’s software grants its customers a dynamic point-of-sale system, business management tools, and integration with various third-party applications. Founded in 2014, Yoke’s expert payments team helps vending operators modernize their business by bringing a mobile and cashless system to their users. Awarded the Silver Medal in Best POS Innovation by PYMNTS.com, Yoke emphasizes their commitment to quality, customer service through their premier payment solution. With Yoke, users don’t just get a payments software; they get a best-in-class payments team. For more information, visit yokepayments.com.
Forward-looking Statements:
All statements other than statements of historical fact included in this release, including without limitation Cantaloupe’s future prospects and performance, the business strategy and the plans and objectives of Cantaloupe's management for future operations, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this release, words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “guidance,” “predict,” “potential,” “continue,” “likely,” “will,” “would” and variations of these terms and similar expressions, or the negative of these terms or similar expressions, as they relate to Cantaloupe or its management, may identify forward-looking statements. Such forward-looking statements are based on the reasonable beliefs of Cantaloupe's management, as well as assumptions made by and information currently available to Cantaloupe'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 incurrence by Cantaloupe of any unanticipated or unusual non-operational expenses which would require us to divert our cash resources from achieving our business plan; the uncertainties associated with COVID-19, including its possible effects on Cantaloupe’s operations, financial condition and the demand for Cantaloupe’s products and services; the ability of Cantaloupe to predict or estimate its future quarterly or annual revenue and expenses given the developing and unpredictable market for its products; the ability of Cantaloupe to retain key customers from whom a significant portion of its revenues is derived; the ability of Cantaloupe to compete with its competitors to obtain market share; the ability of Cantaloupe to make available and successfully upgrade current customers to new standards and protocols; whether Cantaloupe's existing or anticipated customers purchase, rent or utilize ePort or Seed devices or our other products or services in the future at levels currently anticipated by Cantaloupe; the ability of Cantaloupe to execute on mergers, acquisitions and/or strategic alliances, including the timing and closing of acquisitions and our ability to integrate and operate such acquisitions consistent with our forecasts; disruptions to our systems, breaches in the security of transactions involving our products or services, or failure of our processing systems; or other risks discussed in Cantaloupe’s filings with the U.S. Securities and Exchange Commission, including but not limited to its Annual Report on Form 10-K for the year ended June 30, 2020 and its Quarterly Reports on Form 10-Q for the quarters ended September 30, 2020, December 31, 2020, and March 31, 2021. 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, Cantaloupe 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. If Cantaloupe updates one or more forward-looking statements, no inference should be drawn that Cantaloupe will make additional updates with respect to those or other forward-looking statements.
-- F-CTLP
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