Wednesday , June 12, 2024

Feeney Will Step Down As CEO of Cantaloupe Following Record Revenue Results

Sean Feeney, the veteran software executive and former U.S. Army officer who took over as chief executive of Cantaloupe Inc. in June 2020, will retire Sept. 30 and will be replaced by Ravi Venkatesan, who has been serving as chief operating officer of the vending-payments specialist since February. The move was announced late Thursday as the Malvern, Pa.-based company announced record revenue of $58 million for its fiscal fourth quarter, which ended June 30, up 18% over the same period last year.

“During his time as COO, Ravi has launched compelling new product offerings and proven that he is the right person with the vision to lead Cantaloupe as we expand internationally and into adjacent markets,” Douglas Bergeron, chairman of Cantaloupe, said in a statement. The company also announced it has appointed Gaurav Singal chief technology officer, effective Sept. 12. A former Goldman Sachs executive, Singal comes to the company from Georgia Lottery Corp.

Bergeron, a former chief executive of point-of-sale terminal maker Verifone Inc., is a managing partner at the hedge fund Hudson Executive Capital, which led a shareholder revolt in early 2020 to replace Cantaloupe’s management and board following a tumultuous period for the company, once known as USA Technologies Inc.

Feeney: “Cantaloupe has an exciting future and Ravi will serve the Company well.”

Venkatesan arrived at Cantaloupe in December 2020 to fill the role of chief technology officer, following executive positions at Bakkt, a digital-asset platform, and the accounting giant Accenture.

Feeney helped stabilize Cantaloupe, whose technology allows vending machines and other unattended locations to process card payments. His assessment at the time was that the company had been overly focused on growing its payment network at the expense of other opportunities. He quickly reorganized the company into three units and acted to more fully capitalize on its 2017 acquisition of one of its competitors, Cantaloupe Systems Inc. USAT adopted Cantaloupe’s name that November.

One of Feeney’s most recent moves was the acquisition last year of Delicious Nutritious LLC, a Los Angeles-based micro-market payments company operating under the trade name Yoke Payments. The deal handed Cantaloupe a terminal that could be used with the company’s Seed Markets platform to serve so-called micro markets, such as refrigerated cases.

“My two years leading Cantaloupe have been rewarding, as we have strengthened our operations, grown our customer base and set trends with cashless and contactless payments. We also built a talented management team that will take the company into its next phase of growth. Cantaloupe has an exciting future and Ravi will serve the company well,” Feeney said in a statement.

The announcements of Feeney’s departure and Venkatesan’s appointment follow a strong June quarter in which the company saw double-digit percentage increases in fees for transactions and subscriptions, as well as for equipment. Transaction volume totaled $616.1 million, up 20% year-over-year. For the year ended June 30, the company recorded $205.2 in total revenue, also a record and up 23% year-over-year. Transaction volume came to $2.3 billion, up 30.2%.

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