Earlier
today, Net Element, Inc. (NASDAQ: NETE) announced its transaction processing
volume for the first seven months of 2016, as compared to the same period from
a year ago. Notably, the company recorded a 77 percent year-over-year increase
in total dollars processed (discounting the effects of foreign currency
exchange) to $1,025.8 million for the period. A significant portion of this
rise was attributed to Net Element’s online solutions, which saw an increase of
90 percent from 2015 to $305 million. Likewise, volume from mobile solutions
rose 84 percent to $23.4 million. Oleg Firer, chief executive officer of Net
Element, commented on the strong performance in this morning’s news release.
“We
are pleased with our continued growth and further penetration into emerging
markets,” he stated. “Our growth is facilitated by our innovative,
customer-focused products and services and delivered by teams of outstanding
people. We are hopeful that this trend will continue for the remainder of 2016
and beyond.”
The
company achieved similar growth in total transactions processed, reporting an
increase of 32 percent to 99 million for the seven month period. A large
percentage of Net Element’s increase in transactions occurred in North America,
where the company recorded a 67 percent spike from 26.7 million in the first
seven months of 2015 to 44.5 million this year. Among this growth, online
solution experienced a 27 percent increase, while mobile solutions processed a
seven percent increase. Net Element notes that the majority of this growth
across all segments was organic.
Net
Element’s success in expanding its transaction processing volume during the
first seven months of 2016 is bolstered by the company’s recent updates
regarding future growth. Earlier this month, the company announced that its
subsidiary, PayOnline, recently opened an office in Kazakhstan in order to
continue expanding its presence in Central Asia. This decision followed the
opening of a PayOnline sales office in Yekaterinburg, Russia, earlier this year.
In 2015, the company’s electronic commerce volume in Kazakhstan eclipsed $11
billion. When considering that electronic commerce currently accounts for just
one percent of total commerce in Kazakhstan, Net Element’s presence in the
country represents an incredible opportunity for future growth.
With
this strong transaction volume growth and a lengthy runway for continued
expansion, it came as little surprise when, earlier this month, Net Element was
named one of the South Florida Business Journal’s ‘Top 25 Fastest-Growing
Technology Companies’. Inclusion on this list, which recognizes companies based
on percentage growth over a two-year time frame, includes special coverage in
an upcoming edition of the South Florida Business Journal.
For
more information, visit www.NetElement.com
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Sign up for “The Mission Report” at www.MissionIR.com
Please see disclaimer on the MissionIR website http://www.missionir.com/disclaimer.html
