- 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://ccw.fm/QN1lb). 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://ccw.fm/m34Ug).
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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