Before the opening bell, Net Element, Inc. (NASDAQ: NETE) announced its entry into a strategic partnership with E2Exchange Ltd. (“E2E”) through which the company will provide access to its global multi-channel payment services offering to E2E members. Additionally, Oleg Firer, chief executive officer of Net Element, will serve as a member of E2E’s advisory board moving forward.
“We are honored to partner with the growing E2E network,” Firer stated in this morning’s news release. “We look forward to helping E2E members address their global commerce needs, and I am excited to join the E2E advisory board and help companies evaluate their payment needs as they grow internationally.”
Founded in 2011, E2E is an established network of highly successful businesspersons that currently includes more than 12,000 entrepreneurs, investors, non-executives and other partners. These members leverage E2E’s growing network to make connections, find investment and deal opportunities, source non-executive directors and exchange cutting-edge ideas in an effort to overcome the barriers to growth that affect companies of all sizes. E2Exchange is also actively engaged with business education and high-level lobbying efforts designed to further the interests of entrepreneurial business. Notably, E2E’s board of directors features some of the UK’s highest profile business leaders, including honorary President Sir Richard Branson.
“We are very excited to have entered into this strategic partnership with Net Element,” Shalini Khemka, founder and chief executive officer of E2E, stated in the news release. “Our fast-growing community of members can now access Net Element’s extensive range of payment acceptance services and its experience in streamlining payment processes for fast growing companies. This will be tremendously beneficial for our members in addressing global payments as they seek to expand and enhance their businesses.”
Entry into its partnership with E2Exchange continues to build on Net Element’s strong finish to 2016. Within the past month, the company has named Conformance Technologies its preferred provider for data compliance solutions; launched payment processing services in Azerbaijan through subsidiary PayOnline; and, also through PayOnline, launched an innovative payment acceptance module for Telegram, a popular cloud-based instant messenger application.
These moves came just weeks after Net Element released its financial results for the third quarter of 2016, which included an 11 percent year-over-year increase in net revenues driven by strong organic growth through its North America Transaction Solutions segment. All told, the company’s net revenues through the first nine months of 2016 totaled just shy of $39 million, marking an increase of 55 percent from the comparable period of 2015. These results caught the attention of industry analysts. Earlier this month, leading independent equity research firm SeeThruEquity noted Net Element’s strong revenue growth and an anticipated $10 million stock purchase agreement with ESOUSA Holdings, LLC as factors making Net Element a “compelling value at recent prices, especially in light of the growth generated by the company.”
For more information, visit www.NetElement.com
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