MOMENTUM FOR ACCUDATE SOLUTIONS CONTINUES AS TRANSACT SECURES POTENTIAL PLACEMENT OF TERMINALS AT SIX NEW CUSTOMERS SINCE BEGINNING OF 2018
June 6, 2018
Company Successfully Executing Against Growing Market Opportunity for
Revolutionary Back-of-the-House Restaurant Management Solutions
Hamden, CT – June 6, 2018 – TransAct® Technologies Incorporated (Nasdaq: TACT) (“TransAct” or “the Company”), a global leader in software-driven technology and printing solutions for high-growth markets, announced today that it has secured new potential placements for its AccuDate™ restaurant solutions terminals at six major restaurant and foodservice operator customers through the first five months of 2018. These placements, the majority of which are for the AccuDate XL, could represent at least 7,000 terminals, demonstrating TransAct’s ongoing success with the rollout of its new-to-the-industry back-of-the-house software applications hub that helps operators manage their businesses more effectively and efficiently. The Company expects the roll-out and sales of the terminals to occur over the next several years and all AccuDate XL placements will include significant recurring revenue opportunities for TransAct in the form of the Company’s AccuDate-branded label offerings as well as software and maintenance support contracts.
Bart C. Shuldman, Chairman and CEO of TransAct Technologies, said, “TransAct has made significant progress in terms of product functionality, industry awareness and sales momentum since we first introduced our AccuDate restaurant solutions several years ago. So far this year, we have secured important new wins for our AccuDate solutions with six well-known national customers encompassing more than 7,000 potential terminals. While these wins build on prior sales success with other national restaurant and foodservice customers and validate our ongoing commitment to innovation and the operational savings made possible by our terminals, we believe they represent early stepping stones to what we expect will become a significant and transformational business for TransAct. We are excited to work with these six new customers as we assist them in rolling out our AccuDate terminals and in making these terminals critical components of their day-to-day operations. Our sales team also looks forward to working with interested operators to help them better understand the benefits of our solutions as they evolve their processes for the future. Ultimately, we believe the future is bright for the AccuDate family of solutions and we are diligently executing on this opportunity each and every day.
“We are very encouraged by the tangible industry enthusiasm at the recent 2018 National Restaurant Association Show for products that help manage back-of-the-house operations such as our AccuDate solutions. Our extensive dialog with current and potential customers at the show reinforced our view that the pursuit of increased efficiency and improved cost controls are top of mind for restaurant and foodservice operators of all sizes. In today’s environment where labor costs and commodity costs continue to rise thereby squeezing profits, restaurant and foodservice operators are looking for technology solutions that will allow their kitchens to operate more efficiently. TransAct has positioned its AccuDate solutions lineup to fill this role, including our new AccuDate XL2e which we expect will become a central connected hub that talks to a wide variety of current and future technology solutions such a temperature monitoring probes thereby creating the kitchen of the future. Our AccuDate solutions are ideally suited to become critical components of kitchen workflows and will bring together advanced technologies into a single, easy to use and easy to maintain device.”
For more information on the Company’s AccuDate solutions, please visit www.transact-tech.com/restaurant-solutions.
About TransAct Technologies Incorporated
TransAct Technologies Incorporated is a global leader in developing software-driven technology and printing solutions for high-growth markets including restaurant solutions, POS automation, casino and gaming, lottery, mobile and oil and gas. The Company’s solutions are designed from the ground up based on customer requirements and are sold under the AccuDate™, EPICENTRAL®, Epic®, Ithaca®, RESPONDER and Printrex® brands. TransAct has over 3.0 million printers and terminals installed around the world and is committed to providing world-class service, spare parts and accessories to support its installed product base. Through the TransAct Services Group, the Company also provides customers with a complete range of supplies and consumable items both online at http://www.transactsupplies.com and through its direct sales team. TransAct is headquartered in Hamden, CT. For more information, please visit http://www.transact-tech.com or call (203) 859-6800.
AccuDate is a registered trademark of TRANSACT Technologies Incorporated. ©2018 TRANSACT Technologies Incorporated. All rights reserved.
Certain statements in this press release include forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology, such as "may", "will", "expect", "intend", "estimate", "anticipate", "believe" or "continue" or the negative thereof or other similar words. All forward-looking statements involve risks and uncertainties, including, but not limited to, customer acceptance and market share gains, both domestically and internationally, in the face of substantial competition from competitors that have broader lines of products and greater financial resources; our competitors introducing new products into the marketplace; our ability to successfully develop new products; our dependence on significant customers; our dependence on significant vendors; dependence on contract manufacturers for the assembly of a large portion of our products in Asia; our ability to protect intellectual property; our ability to recruit and retain quality employees as the Company grows; our dependence on third parties for sales outside the United States, including Australia, New Zealand, Europe, Latin America and Asia; the economic and political conditions in the United States, Australia, New Zealand, Europe, Latin America and Asia; marketplace acceptance of new products; risks associated with foreign operations; the availability of third-party components at reasonable prices; price wars or other significant pricing pressures affecting the Company's products in the United States or abroad; risks associated with potential future acquisitions; the risk that our new line of food safety and oil and gas products will not drive increased adoption by customers; and other risk factors detailed in TransAct's Annual Report on Form 10-K and other reports filed with the Securities and Exchange Commission. Actual results may differ materially from those discussed in, or implied by, the forward-looking statements. The forward-looking statements speak only as of the date of this release and the Company assumes no duty to update them to reflect new, changing or unanticipated events or circumstances.
Steve DeMartino Richard Land, Joseph Jaffoni, Jim Leahy
President and Chief Financial Officer JCIR
TransAct Technologies Incorporated 212-835-8500 or email@example.com