April 19, 2021
With its name change having become official Monday, Cantaloupe Inc. is looking to start a new chapter in the company’s history as it embarks on a strategy to penetrate new segments of the unattended retail market and grow its business internationally. As part of the change from USA Technologies Inc., which was first announced in
November, Cantaloupe relisted its ticker symbol on the Nasdaq exchange as CTLP.
One of the driving factors behind the name change, says Cantaloupe chief executive
Sean Feeney, who was named CEO in May 2020, was a desire to put the negative baggage associated with the USAT brand in the rearview mirror and reboot the company’s image. USAT’s brand had been tarnished by a series of missteps, including a delay in filing its annual report in September 2018, while its board of directors investigated customer contracts and how business was booked. The company even engaged in a proxy fight with its largest stockholder.