Paytech firm Cantaloupe buys Three Square Market for $41m

The combined company will offer self-service kiosks, smart coolers and cloud-based software, already integrated with Cantaloupe’s Seed Markets software platform

Cantaloupe, a digital payments and software company, has acquired vending machine supplier Three Square Market (32M) for $41m.  

The $41m acquisition, funded with 90% cash and 10% stock, will accelerate Cantaloupe’s presence in the micro market industry—an unattended retail space that uses self-checkout technology—and expand its international footprint.  

Nearly 3,000 locations across North America, the UK, Sweden and Romania will be added to the US company’s coverage. 

The combined company will offer self-service kiosks, smart coolers and cloud-based software, already integrated with Cantaloupe’s Seed Markets software platform.  

Ravi Venkatesan, chief executive officer of Cantaloupe, commented: “The acquisition of 32M, with its expansive portfolio of micro-market technology and broad geographic footprint, immediately accelerates two of our most important strategic growth priorities. 

“32M is already an integrated partner of our Seed Markets software platform, which will enable Cantaloupe to capture additional revenue synergies through cross-sell and upsell opportunities throughout our combined customer base.” 

Tony Danna, president of 32M, said: “Bringing 32M into Cantaloupe and gaining access to Cantaloupe’s 25,000+ customer base, from small and medium businesses to large enterprises, is an exciting opportunity for us.” 

He added: “We can now better leverage Cantaloupe’s Seed platform with our existing customers, both in the US and other geographies, and expect to benefit from a combined salesforce to help our products reach more customers.”  

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Josh Poyser Josh Poyser is an editor at FinTech Intel. He has written about fintech for several years and appeared at FinTech Connect 2023 on the 'Unlocking Success: The Art of Fintech PR' panel.