Company Demonstrates Year-Over-Year Transaction Dollar Processing Growth of 37%
MIAMI, FL, July 11, 2018 (GLOBE NEWSWIRE) -- Net Element, Inc. (NASDAQ: NETE) (“Net Element” or the “Company”), a global technology and value-added solutions group that supports electronic payments acceptance in a multi-channel environment including point-of-sale (“POS”), e-commerce and mobile devices, today announces an increase in transaction processing volumes for the first six months of 2018 as compared to the same period in 2017.
Total dollars processed from January 2018 through June 2018 increased 37% to $1.62 billion from $1.18 billion in transaction volume during the same period in 2017. Led by robust growth from our subsidiary Unified Payments, North America Transaction Solutions segment saw the largest increase of 40% to $1.4 billion from $1 billion. International Transactions Solutions increased 20% to $211 million from $176 million.
Oleg Firer, CEO of Net Element, commented, “We are pleased with our continued growth across all segments. Our growth is facilitated by our innovative, customer-focused value-added products and services. We are confident this trend will continue for the balance of 2018 and intend on putting measures in place to ensure these growth initiatives continue to deliver results well into the future.”
Total transactions processed during the first six months of 2018 were 50.2 million compared to 35.7 million for the same period in 2017. The 41% increase in transactions processed came primarily from North America Transactions Solutions which saw a 41% increase to 28.1 million from 20 million. International Transactions Solutions processed 21 million versus 15 million, which represents a 40% increase. Growth in all segments was organic. The above results include the reorganization of the mobile payments segment into the International Transactions Solutions segment.
About Net Element
Net Element, Inc. (NASDAQ: NETE) operates a payments-as-a-service transactional and value-added services platform for small to medium enterprise ("SME") in the U.S. and selected emerging markets. In the U.S., the Company aims to grow transactional revenue by innovating SME productivity services using blockchain technology solutions and Aptito, our cloud-based, restaurant and retail point-of-sale solution. Internationally, Net Element's strategy is to leverage its omni-channel platform to deliver flexible offerings to emerging markets with diverse banking, regulatory and demographic conditions. Net Element was ranked as one of the fastest growing companies in North America on Deloitte's 2017 Technology Fast 500™. In 2017 we were recognized by South Florida Business Journal as one of 2016's fastest-growing technology companies. Further information is available at www.NetElement.com.
Forward-Looking Statements
Securities Exchange Act of 1934, as amended. Any statements contained in this press release that are not statements of historical fact may be deemed forward-looking statements. Words such as "continue," "will," "may," "could," "should," "expect," "expected," "plans," "intend," "anticipate," "believe," "estimate," "predict," "potential," and similar expressions are intended to identify such forward-looking statements. All forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the forward-looking statements, many of which are generally outside the control of Net Element and are difficult to predict. Examples of such risks and uncertainties include but are not limited to what if any measures will be adopted by the company and whether the Company will experience continued growth and further expansion locally or internationally for the remainder of 2018 or beyond. Additional examples of such risks and uncertainties include, but are not limited to (i) Net Element's ability (or inability) to obtain additional financing in sufficient amounts or on acceptable terms when needed; (ii) Net Element's ability to maintain existing, and secure additional, contracts with users of its payment processing services; (iii) Net Element's ability to successfully expand in existing markets and enter new markets; (iv) Net Element's ability to successfully manage and integrate any acquisitions of businesses, solutions or technologies; (v) unanticipated operating costs, transaction costs and actual or contingent liabilities; (vi) the ability to attract and retain qualified employees and key personnel; (vii) adverse effects of increased competition on Net Element's business; (viii) changes in government licensing and regulation that may adversely affect Net Element's business; (ix) the risk that changes in consumer behavior could adversely affect Net Element's business; (x) Net Element's ability to protect its intellectual property; (xi) local, industry and general business and economic conditions; and (xii) adverse effects of potentially deteriorating U.S.-Russia relations, including, without limitation, over a conflict related to Ukraine, including a risk of further U.S. government sanctions or other legal restrictions on U.S. businesses doing business in Russia. Additional factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements can be found in the most recent annual report on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K filed by Net Element with the Securities and Exchange Commission. Net Element anticipates that subsequent events and developments may cause its plans, intentions and expectations to change. Net Element assumes no obligation, and it specifically disclaims any intention or obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by law.