MALVERN, PA — Cantaloupe, Inc. (Nasdaq: CTLP) recently announced the successful acquisition of Cheq Lifestyle Technology, Inc. (“CHEQ”). This strategic move propels Cantaloupe into the lucrative and fast-growing sectors of sports, entertainment, and restaurants, leveraging CHEQ’s comprehensive suite of self-service solutions.
Cantaloupe, a leading provider of innovative and scalable digital commerce and IoT solutions, now plans to tap into CHEQ’s expertise in mobile ordering, socially connected payments, real-time reporting, and remote support. These capabilities enable customers to streamline operations, ramp up efficiency, and boost revenue, thus transforming venue management.
“The acquisition of CHEQ expands Cantaloupe’s addressable market into a new and rapidly growing sector,” Ravi Venkatesan, CEO of Cantaloupe, Inc., said. “There is tremendous synergy between both of our product lines and solutions that will grow our footprint across our combined customer base. We are excited to welcome the CHEQ team to the Cantaloupe family.”
Established in 2021, CHEQ has quickly made its mark in the payment solutions industry. It powers payments for various professional sports teams, entertainment venues, and festival operators, including 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). CHEQ technology enhances food and beverage sales, accelerates transaction times, and drives fresh customer traffic and engagement.
Shawn Thornton, Chief Revenue Officer of the Florida Panthers, attested to CHEQ’s transformative impact. “We are thrilled with the success we’ve seen since implementing CHEQ’s solutions at Amerant Bank Arena,” he said. “CHEQ’s suite of payment options has enhanced the food and beverage experience for our fans and increased our backend operational efficiency.”
The acquisition brings a slew of benefits to Cantaloupe. It broadens Cantaloupe’s market, providing solutions for sports stadiums, entertainment venues, festivals, hospitality, theme parks, and restaurants, both full-service and fast-casual.
Cantaloupe now offers an enterprise-grade POS platform, complete with real-time reporting, remote support, and back-end analytics for high-volume venues and complex transactions. Additionally, customers can take advantage of an omnichannel solution that includes mobile payments, POS kiosks, and handheld devices.
Moreover, the socially connected feature enables real-time gifting and fosters a sense of community, enhancing fan engagement. Team and venue customizations, including key integrations with leading loyalty and team mobile applications, add another layer of functionality.
Thomas Lapham, CEO of CHEQ, expressed excitement about the future. “We are looking forward to joining Cantaloupe and continuing our mission of delighting guests with a best-in-class on-premise payments experience,” he said. “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.”
In summary, Cantaloupe’s acquisition of CHEQ brings self-service solutions to its product line, signaling a transformative shift in the customer experience for the sports, entertainment, and restaurant industries.
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