USA Technologies Inc. acquired substantially all assets of VendScreen, Inc. from 3x5 Special Opportunity Fund, L.P. managed by RiverVest Venture Partners, LLC and others for $5.6 million.
January 21, 2016
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USA Technologies Inc. (NasdaqGM:USAT) acquired substantially all assets of VendScreen, Inc. from 3x5 Special Opportunity Fund, L.P. managed by RiverVest Venture Partners, LLC and others for $5.6 million in cash on January 15, 2016. USA Technologies will pay $5.4 million at closing and will deposit $0.25 million in an escrow account. Under the terms, USA Technologies Inc. acquired substantially all of the assets include all of VendScreen, Inc. intellectual property, software, patents, domain names, and copyrights, inventory, customer agreements, goodwill, and certain accounts receivable. Transaction will be funded by $3 million term loan and $7.5 million of revolving line of credit facility from Avidbank Corporate Finance and $2.6 million with cash in hand. After completion employees of VendScreen, Inc. became employees or consultants to USA Technologies Inc. Deal is subject to execution of escrow agreement, intellectual property assignment agreement, transition services agreement and approval of third parties. Lurio & Associates acted as interim escrow agent. Douglas M. Lurio, Esquire of Lurio & Associates acted as legal advisor to USA Technologies. Brentley M. Bullock of Perkins Coie LLP acted as legal advisor to 3x5 Special Opportunity Fund, L.P. managed by RiverVest Venture Partners, LLC.
USA Technologies Inc. (NasdaqGM:USAT) completed the acquisition of substantially all assets of VendScreen, Inc. from 3x5 Special Opportunity Fund, L.P. managed by RiverVest Venture Partners, LLC and others on January 15, 2016.
Cantaloupe, Inc. is a global technology company. Its vertically integrated solutions fuel growth by offering micro-payments processing, enterprise cloud software, IoT technology, as well as kiosk and POS innovations. It offers a variety of solutions for self-service commerce, which enable the acceptance of digital payments and allow its customers to simplify inventory, analytics, warehouse, logistics, and back-office management. Its hardware includes Cantaloupe card readers, the Companyâs integrated payment device, as well as Cantaloupe Go POS kiosks, the Companyâs range of POS terminals, which are both deployed in self-service, applications, such as vending, micro-markets, amusement, arcade, commercial laundry, air/vacuum, car wash, and others. Its Cantaloupe Go product line provides a variety of self-checkout kiosks. Its solutions are used by a variety of consumer services in North America, Latin America, Europe, and Australia, including vending machines, laundromats and others.
USA Technologies Inc. acquired substantially all assets of VendScreen, Inc. from 3x5 Special Opportunity Fund, L.P. managed by RiverVest Venture Partners, LLC and others for $5.6 million.
CANTALOUPE, INC. 
