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Cantaloupe, Inc. (CTLP) is a leading provider of cloud-based technologies dedicated to the unattended retail industry. Specializing in cashless payments, dynamic route scheduling, real-time pre-kitting, merchandising, and inventory management, Cantaloupe delivers an integrated end-to-end solution accessible from any mobile device.
With over 100 years of combined vending experience, Cantaloupe's expert consultation team assists vending operators in modernizing their operations, leading to increased revenue, improved route efficiencies, and streamlined back office administration. The company boasts more than 400 customers and has connected over 400,000 machines through its innovative solutions, which provide operators with full control and visibility over their operations, inventory, and personnel. This proactive and competitive approach ensures that businesses can effectively manage and grow their ventures.
Cantaloupe operates within the small ticket electronic payments industry, supplying wireless, cashless, and micro-transaction services to the unattended Point of Sale (POS) market. Its product portfolio includes ePort Cashless devices, eSuds, EnergyMisers, and value-added services such as Loyalty and Prepaid programs, Intelligent Vending, and more. The company serves a diverse range of industries including car wash, transportation, laundry, vending, kiosk, amusement, and arcade.
The company's revenue is primarily generated from subscription and transaction fees, as well as the sale or lease of equipment and services to the small ticket, unattended POS market. Cantaloupe's commitment to innovation and customer satisfaction has solidified its position as a key player in the unattended retail technology landscape.
Cantaloupe, Inc. (NASDAQ: CTLP) has released its 2023 Micropayment Trends Report, highlighting a significant shift towards cashless payments in the vending and amusement machine sectors. In 2022, cashless transactions accounted for 67% of food and beverage vending sales, a rise of 11% from the previous year, with total spending exceeding $2.5 billion—a 19% increase year-over-year. Notably, cashless purchases averaged $2.11 compared to $1.36 for cash. In amusement machines, cashless transactions also represented 73% of total sales, with an average ticket size of $5.32 versus $0.93 for cash sales. CEO Ravi Venkatesan emphasized the trend towards cashless systems as a driver of revenue growth in self-service retail, anticipating a further increase in cashless transactions by 6-8% in 2023.
Cantaloupe, Inc. (NASDAQ: CTLP), a digital payments and software services company, will host a webcast to discuss its financial results for Q3 FY 2023 on May 4, 2023 at 5:00 p.m. ET. A press release with the results will be released around 4:05 p.m. ET on the same day. Investors can access the live call through the company's Investor Relations section. The conference will require registration for participation, and a replay will be available afterward.
Cantaloupe, Inc. offers integrated solutions for self-service commerce, focusing on enhancing consumer engagement and improving operational efficiency for various self-service businesses.
Cantaloupe, Inc. (NASDAQ: CTLP) has expanded its partnership with GlobalConnect, North America's leading provider of contactless break room and vending services, to introduce the Bistro to Go! By Cantaloupe micro market kiosk program. This new program combines Cantaloupe's Seed software platform and Yoke self-checkout kiosks, providing a seamless user experience for consumers and a cost-effective solution for operators. The kiosks are designed for easy installation and operation, aiming for a quick return on investment. CEO Ravi Venkatesan emphasized the importance of integration for existing customers, ensuring a consistent experience with features like stored value cards and loyalty programs. The program aims to enhance GlobalConnect's branded solutions, benefitting U.S.-based affiliates.
Cantaloupe, Inc. (NASDAQ: CTLP) announces CEO Ravi Venkatesan has been appointed to the Board of FinTech Atlanta. This coalition aims to position Atlanta as a global leader in financial technology, promoting industry growth and innovation.
Since Venkatesan's appointment as CEO in October 2022, he has focused on enhancing Cantaloupe's presence in the fintech sector. Georgia is home to 210 fintech companies employing over 42,000 people, processing approximately $300 billion in global payments yearly. Venkatesan's experience includes leadership roles in various tech firms, making him well-suited for this position.
The appointment is effective immediately, with Venkatesan attending his first board meeting on May 19.
Cantaloupe, Inc. (NASDAQ: CTLP) has unveiled the Seed Driver mobile app, designed to enhance the efficiency of servicing vending machines and micro markets. This app is pivotal for food service operators, integrating seamlessly into the Cantaloupe Seed dashboard for real-time communication between drivers and supervisors.
The app, compatible with both Apple and Android devices, improves the user experience with features like visual planograms, electronic signature capture, and photo/video audits. Users of Seed Pro and Cashless+ can access the app for free, while Seed Live users need an upgrade.
Gaurav Singal, CTO of Cantaloupe, emphasized the app's role in supporting customer business growth by streamlining service operations, which is critical to competitiveness in the self-service commerce sector.
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