Net Element, Inc. (NASDAQ: NETE) is a global,
technology-driven company specializing in mobile payments and value-added
transactional services. In the U.S., the company’s primary focus lies on
increasing its transactional revenue through the introduction of innovative,
payments-as-a-service transactional platforms to small to medium enterprise
(SME) clients. Net Element’s flagship platform, Aptito, accomplishes this goal
by way of a proprietary, cloud-based point of sale solution designed to deliver
efficient operation in an affordable and scalable package.
Initially, Aptito was targeted exclusively at the restaurant
industry, offering innovative features such as digital menus and mobile
ordering designed to promote faster service while minimizing mistakes. In
March, the company expanded upon this solution when it released Aptito for
retail stores. Currently available on Apple’s (NASDAQ: AAPL) iOS platform,
Aptito Retail Point of Sale allows retailers to improve in-store performance by
seamlessly tracking purchasing habits, managing inventory and minimizing
transaction times. The platform can also be integrated with a number of
peripherals, such as a fully integrated cash drawer, thermal receipt printer,
barcode scanner, barcode printer and EMV-compliant point of sale acceptance
terminal, based on the unique needs of individual retailers.
By expanding its presence in the point of sale software
industry, Net Element is well-positioned to capitalize on forecast market
growth related to the proliferation of multi-channel shopping and updating of
legacy systems. Despite the continued emergence of ecommerce, retail spending
continues to dominate the U.S. buying landscape. According to a report by
Javelin Strategy & Research (http://dtn.fm/7Bd6c), retail point of sale
purchases are expected to reach $4.2 trillion by 2018. Alongside this growth,
demand for mobile point of sale platforms is expected to skyrocket. According
to 451 Research (http://dtn.fm/J94ge), the global installed base of mobile
point of sale devices is on course to grow at a compound annual growth rate of
32 percent from 2015 to 2019, expanding from 13 million devices to just over 54
million.
“In a highly competitive retail industry, we recognize that
now more than ever, smaller retailers must focus on providing their customers
with the best in-store experience to improve retention, attract new customers
and sustain repeat spending,” Oleg Firer, chief executive officer of Net
Element, stated in a news release. “Aptito Retail POS solution gives retailers
insight into their customer’s behavior and streamlines payment processes,
allowing merchants to focus on their business.”
On the international stage, Net Element is focused on
delivering its omni-channel payments platform to emerging markets with diverse
banking, regulatory and demographic conditions. In March, the company launched
Aptito in Russia in an effort to capitalize on the country’s forecast growth of
information technologies. According to a joint study by the Association of
Computer Equipment Companies and McKinsey, growth of information technologies
in the Russian market is expected to be roughly 25 percent per year, climbing
to $154 billion by 2020. This move continues to highlight Net Element’s
commitment to establishing itself on the global stage, as detailed by the
company’s CEO.
“We are entering an underserved point of sale software
market, that has tremendous opportunity,” added Firer. “Approximately 39% of
our revenues came from outside of the United States, up from 9% a year ago, and
this trend continues to grow.”
Earlier this week, Net Element provided another update on
its growth in the Russian Federation when it announced that its wholly-owned
subsidiary, Digital Provider, enabled mobile payments acceptance for Wi-Fi
Internet access at one of the busiest airports in the country. Another of the
company’s subsidiaries, PayOnline, was ranked as a top five payment acceptance
company in the 2016 Internet Acquiring Rank report of Russian analytics agency
Markswebb Rank & Report. According to Markswebb, roughly 80 percent of
Russian internet users between the ages of 19 and 64 (about 43.8 million
people) make at least one online purchase per month, further highlighting the
significant opportunities for growth currently being pursued by Net Element and
its subsidiaries.
In the first quarter of 2016, Net Element’s commitment to
growth and innovation helped it achieve strong financial performance in a
number of markets. The company’s net revenues for the three months ended March
31, 2016, were over $11.2 million, up 103 percent from the comparable period of
the previous year. With the launch of Aptito for retail stores and entry into
the Russian market, Net Element is strategically positioned to build on these
results throughout the balance of 2016.
Net Element is led by an experienced management team
offering a unique blend of leadership, vision and creativity. The company’s
CEO, Oleg Firer, is responsible for its overall vision and strategy. Firer has
considerable experience in the payments space, having previously served as
executive chairman of current Net Element subsidiary Unified Payments. Under
Firer’s lead, Unified Payments recorded revenue growth of 23,646 percent over a
three year period, earning it the title of ‘Fastest Growing Company’ from Inc.
Magazine in 2012. Prior to his time with Unified Payments, Firer held numerous
senior executive positions in private equity, payment processing, wireless
communications and technology firms.
For more information, visit www.netelement.com
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