- Net
Element was included in Deloitte’s prestigious Technology Fast 500 list
that ranks the fastest growing companies in North America
- Software
developers dominated the list, showing a huge potential for new product
development and adoption
- Net
Element also released its financial results for the third quarter of 2018,
reporting a significant growth in revenue and transactional volume
Net Element, Inc. (NASDAQ: NETE), a global technology and
value-added solutions group, is one of North America’s 500 fastest growing
companies in 2018, as it’s ranked by Deloitte’s Technology Fast 500 (http://ibn.fm/WGOZn). Over the
period for which the ranking accounts, Net Element grew by 183 percent.
Continued growth in Net Element’s North America Transaction
Solutions segment was one of the most important factors contributing to the
achievement. Unified Payments, a brand of leading bankcard payment processing
services under the NETE umbrella, is a particularly big contributor to the
company’s overall growth. Unified Payments provides solutions for small and
medium-sized enterprises throughout North America.
“We are excited to be recognized by Deloitte for our growth
over the past three years. This is further affirmation that our approach to the
reseller community levels the playing field and increases recurring sales for
Unified Payments,” Net Element president of integrated payments Vlad Sadovskiy
stated in a news release.
Software accounts for two out of three companies on the Technology
Fast 500 list, as they continue to produce some of the most exciting
technologies of the 21st century, including robotics, AI and predictive
analytics, Mohana Dissanayake, partner, Deloitte & Touche LLP, and industry
leader for technology, media and telecommunications within Deloitte’s audit and
assurance practice, said in a news release. Companies from across America are
transforming the way in which business is done, and the inclusion of so many
software development companies in the Technology Fast 500 list stands as
evidence of the claim, Dissanayake added.
In 2018, the technology companies in the Deloitte list
achieved revenue growth ranging from 143 to 77,260 percent. The median growth
in the period from 2014 to 2017 was 412 percent. Net Element grew by 183
percent.
Net Element’s inclusion in the Deloitte Technology Fast 500
came one day after the company announced its third quarter financial results
during a dedicated earnings conference (http://ibn.fm/hORdL).
The company’s net revenue for the period went up 15.7
percent to reach $17.2 million, CEO and Director Oleg Firer said during the
conference. The increase is primarily due to the 19 percent growth experienced
by the company’s North American Transaction Solutions segment, as compared to
the same quarter of 2017.
Overall net revenue for the first nine months of 2018
increased by 11.5 percent to reach $49.7 million. Once again, the North
American Transaction Solutions segment was the driving force behind the
increase, having experienced growth of 16.6 percent over the prior year.
The company’s U.S. business accounted for 90.4 percent of
the total revenue during Q3 2018 and 88.5 percent for the first nine months of
the year. International revenues accounted for the difference.
Total dollars processed for the first nine months of the
year increased by 35 percent on an annual basis to reach $1.81 billion in
transactional volume. Unified Payments contributed significantly to the
expectedly high transactional volume. The North American Transaction Solutions
segment grew the most – increasing by 39 percent to $2.17 billion.
International transactional solutions went up 10 percent to reach $283 million.
This means that the total number of transactions processed for the first nine
months of 2018 increased by 34 percent.
Net Element operates a payments-as-a-service and value-added
services platform. The global technology and value-added solutions group
supports electronic payment acceptance in an omni-channel environment,
including point-of-sale, mobile devices and e-commerce.
For more information, visit the company’s website at www.NetElement.com
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