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Friday, January 29, 2016

USA Technologies Acquires VendScreen's Technology Assets

The deal provides USAT’s customers with access to a greater breadth of payment technology capabilities and consumer engagement services.

USA Technologies, Inc., a premier payment technology service provider of integrated cashless and mobile transactions in the self-service retail market, has acquired the cloud-based content delivery platform, device platform and products, customer base, and intellectual property of VendScreen, Inc. Financial terms of the deal were not disclosed.

The deal provides USAT’s customers with access to a greater breadth of payment technology capabilities and consumer engagement services. Oregon-based VendScreen has developed what USAT considers to be the industry’s most advanced interactive media, content delivery system, and touchscreens for the self-service retail market. This industry's leading advanced interactive media includes a vending application that provides enhanced vendor management system (VMS) integration and consumer product information (including nutritional data) provided by the server side capabilities.

Stephen P. Herbert, chairman and chief executive officer, USA Technologies, said in a statement: 
If 2015 was the year of mobile payments, 2016 is going to be the year of consumer engagement. As consumers and retailers become more accustomed to cashless and mobile payments, companies want to leverage information provided through a cashless and mobile payments environment to engage with the consumer at point-of-sale,” and also added this: “Whether it’s vending operators, retail, brand or technology partners, corporations are looking for ways to move beyond a simple transaction. Our acquisition of VendScreen’s technology further connects our partners and customers directly to the consumer at point-of-sale, and the possibilities are limitless. Whether it be through advertising, research, or loyalty, this technology will meet the demand of an increasingly customized retail experience and, we believe it will offer opportunities to engage with a consumer in ways that drives revenues. And we’re only just scratching the surface.”

David Grano, president and chief executive officer, VendScreen, Inc., said in a statement: 
“We are excited to join forces with USA Technologies, as both companies share the vision of advancing payments technology for vending and unattended markets,” and also added this: “This acquisition will bring even greater resources to the marketplace, and will enable partners and customers to stay ahead of the technology curve. I am confident that this enhances USA Technologies’ leadership as one of the world's most innovative payments technology companies."

Based in Portland, Oregon, VendScreen is the industry’s leading manufacturer of retrofit touchscreen devices for vending machines. The company’s products are powered by a proprietary cloud-based computing platform that enables cashless transactions, dynamic product and nutrition information, on-screen promotions, and centralized remote monitoring. The company has more than 120 customers with approximately 4,200 active connections.
In addition to new technology, the deal also adds a West Coast operational presence for USA Technologies with a talented and experienced team, providing the company with greater efficiencies in operational performance, expanded customer services, sales and technical support. 

Founded in 1992 and headquartered in Malvern, Pennsylvania, USA Technologies, Inc. is a premier payment technology service provider of integrated cashless and mobile transactions in the self-service retail market. USAT provides a broad line of cashless acceptance technologies which include NFC- ready ePort® G-series, ePort Mobile™ for customers on the go, and QuickConnect, an API Web service for developers. The company has been granted 87 patents. It has partnerships with Verizon, Visa, Chase Paymentech and customers such as Compass, AMI Entertainment and others. 

Image credit: Vista

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