MALVERN, PA — Cantaloupe, Inc. (Nasdaq: CTLP) has announced the successful acquisition of Cheq Lifestyle Technology, Inc. (“CHEQ”), marking a strategic move to expand into the rapidly growing sectors of sports, entertainment, and restaurants. The deal will see Cantaloupe leverage CHEQ’s comprehensive suite of self-service solutions, offering a boost to venue operations, efficiency, and revenue.
CHEQ’s technology is built around mobile ordering, socially connected payments, real-time reporting, and remote support. These features empower customers to streamline their operations while increasing sales and customer engagement.
“The acquisition of CHEQ expands Cantaloupe’s addressable market into a new and rapidly growing sector,” said Ravi Venkatesan, CEO of Cantaloupe, Inc. “There is tremendous synergy between both of our product lines and solutions that will grow our footprint across our combined customer base.”
CHEQ, established in 2021, already powers payments for numerous professional sports teams, entertainment venues, and festival operators. Among its clientele are the Washington Commanders (NFL), Florida Panthers (NHL), Philadelphia Union (MLS), Miami Marlins (MLB), CFG Bank Arena in Baltimore (Oak View Group), and Loud & Live (Festivals).
The acquisition offers Cantaloupe an expanded market, penetrating sectors like sport stadiums, entertainment venues, festivals, hospitality, theme parks, and full-service as well as fast-casual restaurants. The deal also brings with it a comprehensive line of offerings, including an enterprise-grade POS platform, an omnichannel solution, social connectivity, and team and venue customizations.
“We are thrilled with the success we’ve seen since implementing CHEQ’s solutions at Amerant Bank Arena,” said Florida Panthers Chief Revenue Officer Shawn Thornton. “CHEQ’s suite of payment options has enhanced the food and beverage experience for our fans and increased our backend operational efficiency.”
Thomas Lapham, CEO of CHEQ, echoed the enthusiasm. “Joining forces will allow us to bring their market-leading innovation to our current customer base, and to expand our technology offering through Cantaloupe’s national and international distribution network,” he said.
This acquisition promises to be a game-changer for Cantaloupe, enabling it to tap into new markets while enhancing its product offerings, thereby solidifying its position as a leading player in the technology industry.
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