Welcome to our dedicated page for Transact Tech news (Ticker: TACT), a resource for investors and traders seeking the latest updates and insights on Transact Tech stock.
Company Overview
Transact Technologies Inc (TACT) is a global provider renowned for its innovative, software-driven technology and printing solutions. With a broad portfolio tailored for high-growth markets, the company has positioned itself as a pivotal player within industries that demand precision, reliability, and advanced technological integration. Incorporating keywords such as POS automation, casino and gaming, and restaurant technology, Transact Technologies is committed to addressing complex market needs with comprehensive, customizable solutions.
Products and Services
Transact Technologies develops and markets an extensive range of products that include software solutions, hardware installations, and consumable supplies required for seamless printing and scanning operations. The company’s products are marketed under reputable brand names including AccuDate, EPIC, Epicentral, Ithaca, Printrex, and others. This diversified brand strategy allows the company to serve a wide array of sectors from retail to healthcare with offerings that encompass:
- Software-driven printing solutions
- POS automation and restaurant technology products
- Integrated hardware and supply solutions for casino, gaming, lottery, and mobile applications
- Specialized consumables and spare parts designed to maintain the high performance of its installed base
Market Applications and Operational Excellence
Serving a diverse market spectrum, Transact Technologies is instrumental in industries such as foodservice, casino gaming, retail banking, lottery systems, and oil and gas. The company’s products are engineered from the ground up, aligning closely with customer requirements and industry standards. Its operational excellence is underscored by a significant global installed base, with millions of terminals and printers supporting business operations worldwide. This robust infrastructure is further enhanced by dedicated service groups that ensure efficient distribution of spare parts, consumables, and technical support.
Global Presence and Customer-Centric Focus
Headquartered in Hamden, CT, Transact Technologies operates with a dual focus on the United States and key international markets. The company’s commitment to meeting customer demands is evident in its comprehensive support network and tailored service solutions. By focusing on long-term reliability and quality, Transact ensures that its offerings remain relevant and robust, thereby reinforcing its market position through continuous service excellence and constant innovation.
Competitive Edge and Industry Positioning
The competitive landscape for technology and printing solutions is rigorous, yet Transact Technologies has consistently demonstrated differentiated value through its deep customization capabilities and integrated service offerings. Rather than relying solely on hardware sales, the company's revenue model is bolstered by a mixture of software licensing, maintenance contracts, and a diverse portfolio of consumable products. This multipronged approach not only underpins its sustained market relevance but also offers a clear representation of its expertise and commitment to operational excellence.
Commitment to Expertise and Quality
Transact Technologies’ long-standing reputation is built upon its rigorous approach to product development and customer service. The company’s solutions are a result of meticulous engineering and ongoing enhancements that are executed in collaboration with industry professionals. Every product and service line is developed with extensive customer feedback and market insights, ensuring that each solution meets high standards of quality and performance. This strategic focus on technical excellence, combined with strong customer support, has reinforced the company’s role as a trusted solution provider in the industry.
TransAct Technologies (Nasdaq: TACT) has appointed Randall Friedman to its Board of Directors, expanding the board from five to six members effective November 10, 2020. Friedman's extensive experience in the food service industry and business-to-business marketing is expected to enhance TransAct's efforts in adapting to changes brought about by the Covid-19 pandemic. His background includes leadership roles in digital innovation and strategic planning, notably at Lebhar-Friedman, Inc., along with founding Iaso Health, LLC.
TransAct Technologies Incorporated (Nasdaq: TACT) will participate in the ROTH Technology Virtual Event on November 11-12, 2020. Steve DeMartino, the President and CFO, will be available for one-on-one and small group meetings with investors on November 11. Interested parties can register by emailing registration@roth.com. TransAct is known for its software-driven technology and printing solutions across various sectors, having sold over 3.5 million printers globally.
TransAct Technologies (TACT) reported preliminary Q3 2020 results, showcasing a 20% revenue increase in its Food Service Technology (FST) market, with recurring FST revenue soaring 157% year-over-year. However, overall net sales declined 38% to $7.3 million compared to Q3 2019. The company faced a net loss of $0.9 million, or $0.11 per diluted share, and a negative EBITDA of $1.1 million. The recent $9.8 million stock offering aims to bolster its footprint in the FST market and support a new partnership with Apple.
TransAct Technologies (Nasdaq: TACT) has been selected by Hoiana Suncity in Vietnam to provide advanced printing solutions for their new casino. They will supply the Epic 950 for ticket-in, ticket-out (TITO) capabilities across 300 slot machines, alongside the Epic Edge TT printer for cash desk applications. The partnership highlights TransAct's reputation for reliability and innovation in casino technology.
Hoiana Suncity aims to be a premier entertainment hub, enhancing its offerings with TransAct's proven solutions.
TransAct Technologies Incorporated (Nasdaq: TACT) has successfully closed a public offering of 1,380,000 newly issued shares at $7.10 per share, raising approximately $9.8 million before expenses. Roth Capital Partners led the offering with Barrington Research as co-manager. The funds will be utilized for working capital, supporting the growth of the Company's food service technology business, and enhancing sales and marketing efforts. TransAct aims to advance its strategy in high-growth markets, including food service and gaming.
TransAct Technologies Incorporated (Nasdaq: TACT) announced a public offering of 1,200,000 shares of common stock at $7.10 per share, aiming to raise approximately $8.5 million before expenses. The offering, which includes a 30-day option for underwriters to purchase an additional 180,000 shares, is set to close on October 16, 2020. Proceeds will support working capital, enhance food service technology development, and bolster sales and marketing efforts. Roth Capital Partners is the lead manager for this offering.
TransAct Technologies (Nasdaq: TACT) plans an underwritten public offering of newly issued common stock, with a 30-day option for underwriters to purchase an additional 15%. The proceeds will be utilized for working capital, focusing on developing their food service technology and enhancing sales, marketing, and product development. Roth Capital Partners is the lead manager for the offering. A shelf registration statement effective since August 17, 2020, is in place for these shares. The offering's completion is subject to market conditions.
TransAct Technologies Incorporated (Nasdaq: TACT) announced that Miguel Ortiz, VP of Restaurant Products, will speak at the Restaurants RISE powered by MUFSO virtual event on October 13, 2020, at 2:00 p.m. ET. His session, titled “Boost Operational Excellence by Leveraging Back-of-House Technology,” will focus on enhancing food safety and operational excellence. Ortiz will discuss key areas including employee health, brand standards, and FDA compliance, alongside Nick Bouse from Love's Travel Stops, who will share insights on implementing the BOHA! platform to streamline operations.
TransAct Technologies (Nasdaq: TACT) reported preliminary financial results for Q3 2020, estimating net sales between $7.1 million and $7.3 million, surpassing prior expectations of $5.5 million to $6.0 million. This includes approximately $1.4 million to $1.5 million from Food Service Technology recurring revenue. The company had around 3,800 paid BOHA! terminals in the market, generating an average annual revenue per terminal of $1,470, an 88% increase from Q3 2019. Final results will be released on November 5, 2020.
TransAct Technologies (Nasdaq: TACT) launched the BOHA! Restaurant Operations Platform, enhancing efficiency for restaurant operators during challenging times. The platform integrates BOHA! hardware with software applications, enabling management of food safety and operational processes in one digital space. It features an iPad connected to a BOHA! Work Station for wireless printing of essential labels, designed to meet FDA requirements. Additionally, the BOHA! Control Center provides real-time analytics for improved operational oversight.
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