TransAct is weighing a sale of its casino unit, which generated 55% of first-half revenue, as it pursues a software-focused strategy.
Get Instant Access to This Article
Subscribe to Hartford Business Journal and get immediate access to all of our subscriber-only content and much more.
- Critical Hartford and Connecticut business news updated daily.
- Immediate access to all subscriber-only content on our website.
- Bi-weekly print or digital editions of our award-winning publication.
- Special bonus issues like the Hartford Book of Lists.
- Exclusive ticket prize draws for our in-person events.
Click here to purchase a paywall bypass link for this article
TransAct Technologies is considering selling its casino and gaming business, which generated more than half of the Hamden company’s revenue in the first half of the year, as it seeks to remake itself as a software company.
TransAct said Tuesday its board has launched a formal strategic review of its casino and gaming unit and hired BofA Securities as its financial adviser. TransAct disclosed the review alongside preliminary second-quarter results.
The unit up for review builds the small printers tucked inside slot machines that spit out the paper vouchers players take to the cashier.
Casino and gaming brought in $15.7 million of the company’s $28.4 million in net sales during the first half of 2026, roughly 55% of the business. On a call with analysts Tuesday, CEO John Dillon said the division has been a “cash cow” and that the company must decide whether to expand it or chart a different course.
TransAct said it has set no timetable and does not expect to disclose developments until its board approves a specific transaction. While the review focuses on casino and gaming, the board said it may weigh broader alternatives if doing so would add shareholder value.
Previously, TransAct launched a strategic review in 2024 with Roth Capital Partners as its adviser and formed an independent board committee to consider a range of alternatives, including a possible sale of part or all of the company.
The company continued discussions with potential strategic partners through late 2024, but the review ultimately did not produce a deal.
The current review comes amid continued turnover in TransAct’s executive suite. In June, the company named former Barnes Group finance executive Troy Ingianni as chief financial officer after its previously announced successor withdrew for personal reasons.
On Monday, TransAct entered a severance agreement with Ingianni guaranteeing a year of salary, bonus and benefits, plus accelerated vesting of stock awards, if he is terminated within 12 months of a change in control. The severance agreement and earnings report were disclosed together in Tuesday’s filing with the Securities & Exchange Commission.
TransAct’s recent strategy has drawn public criticism. In April, former CEO Bart Shuldman, who led TransAct for 27 years before resigning in 2023, issued an open letter to shareholders arguing the company should lean on its hardware strengths rather than commit capital to a crowded food-service software market.
Shuldman also said three investment banks had concluded before his departure that splitting TransAct in two could unlock significantly more value than its share price at the time.
Second-quarter net sales were $13.9 million, up 1%, and the company posted a $50,000 net loss. Both figures were held down by $1 million in tariff surcharges that TransAct refunded to casino customers during the quarter. Without the refunds, sales would have been $14.9 million, up about 8%, and the quarter would have been profitable.
