USA Technologies Eyes Public Offering

The payment technology service provider USA Technologies, Inc., (USAT) which powers integrated cashless and mobile transactions in self-service retail settings, may go public, according to a news release from the Malvern, Penn.-based company.

On Friday, July 7, USA Technologies, Inc., filed a registration statement on form S-1 with the U.S. Securities and Exchange Commission, proposing an underwritten public offering of its common stock.

The proposed public offering consists of roughly $34.5 million of shares to be sold, with an expected option for the underwriters to purchase up to $5.2 million in additional shares of common stock over a 30-day span. The latter, however, has not yet gone into effect, and the securities may not be sold and offers to buy may not be accepted until it is effective.

USAT has been on the cashless transaction frontier for 15 years. It has 73 patents in force in the U.S. and beyond, as well as partnerships with Verizon, Visa and Chase Paymentech. Its customers include Compass, AMI Entertainment and, most recently, JuiceBot’s fresh, raw juice vending kiosks, saving employees from handling raw ingredients after touching cash.

CEO Steve Herbert has said, “Cashless is becoming more than just a choice of payment platform; it’s quickly evolving to a technology infrastructure that enables a myriad of business opportunities — all driving improved business results in the small-ticket market.”

USA Technology’s products include the ePort family: ePort Connect, ePort Interactive and the NFC-ready ePort G-series, which can use near-field communications technology to accept payments from mobile phones without requiring customers to even remove the device from their pockets. It has also created the QuickConnect API web service for developers and the MORE. customizable loyalty program.

William Blair & Company, LLC, is acting as sole book-running manager for the offering.