Benzinga | May 4, 2021 08:17AM EDT

Cantaloupe Reports Formation Of Strategic Partnership With Castles Technology

Cantaloupe, Inc. (NASDAQ:CTLP) ("Cantaloupe" or the "Company"), a digital payments and software services company that provides end-to-end technology solutions for the unattended retail market, and Castles Technology, an industry leading manufacturer of credit card payment terminals, today announced a commercial arrangement to introduce a next-generation cashless solution. In addition, the agreement contemplates the two companies will leverage their respective market positions to drive sales, delivery, and increased adoption. The innovative solution envisions a novel value proposition for the market, with the goal of offering consumers an experience in unattended retail that's richer and much more compelling.

"Our relationship with Cantaloupe is key for meeting the growing demand for Castles' unattended family of products," said Winston Fong, chief executive officer, Castles Technology North America. "This agreement represents a significant milestone of our presence in vending and the unattended marketplace in North America, and we are excited to join together with Cantaloupe to deliver leading edge products and solutions to satisfy the needs for all types of customers. Our combined solution will allow customers to better connect with consumers by leveraging digital displays thereby creating a much better buying experience."

Castles' unattended payment terminals incorporate state of the art engineering, product design, PCI security and EMV Contact and Contactless, exceeding the highest standards required by the unattended payments industry. The devices can be fitted in wide range of hardware configurations, including vending, kiosks, amusement, and EV charging stations.

"We believe the benefits of Cantaloupe's platform are vastly increased with Castles' products," said Sean Feeney, chief executive officer, Cantaloupe, Inc. "This strategic alliance offers customers, new and existing, the most innovative approach to vending retail, enabling greater operational agility and significant reductions to operating costs. Our relationship with Castles is another demonstration of our best-in-class strategy in action -- offering our enterprise and SMB customers industry-leading solutions to enhance capabilities and achieve a better return on investment."