USA Technologies (USAT), a payment technology service provider of cashless and mobile transactions in the self-service retail market, has purchased the assets of smart vending machine payments platform VendScreen for approximately $5.6m in cash.
This deal will add new technology and services as well as a West Coast operational footprint for USAT, which has a customer base of over 10,000.
As of November of last year, VendScreen has over 120 customers with approximately 4,200 active connections. VendScreen develops interactive media, content delivery system, and touchscreens for the self-service retail market.
The acquisition of VendScreen will help grow customer loyalty, create return customers and drive recurring sales, via USAT’s MORE and Premier Services programs.
This agreement will offer USAT’s customers access to a greater breadth of payment technology capabilities and consumer engagement services.
USA Technologies chairman and CEO Stephen Herbert said: "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."
VendScreen president and CEO David Grano said: "This acquisition will bring even greater resources to the marketplace, and will enable partners and customers to stay ahead of the technology curve."