Net Element, Inc. (NETE) Reports Pending Acquisition’s New 3 Net Element, Inc. (NETE) Reports Pending Acquisition’s New 3-Year Contract with Dating Networks
Earlier this morning, Net Element announced that PayOnline signed a new 3-year contract to process transactions for certain international dating networks, including AnastasiaDate, AmoLatina and AsianDate. Collectively, these networks receive more than 150 million unique visits annually and have more than 4 million registered users that spend more than 360 million hours on the sites per year.
Net Element currently manages, operates and is in the process of integrating the PayOnline group of companies pending closing of its previously announced acquisition initiative.
The contract with the majority owner of the dating networks, Social Discovery Ventures (“SDV”), is expected to achieve minimum net revenues to Net Element in the amount of $1.2 million over 3 years and a minimum transaction processing commitment of $300 million.
The contract underscores Net Element’s advantage as a global payments-as-a-service platform that facilitates cross-border transactions yet on-boards through a single interface.
SDV’s dating networks will use PayOnline’s state-of-the-art global online payments gateway and fraud-management tools to manage its international online transaction processing.
“The millions of international users on our premium dating networks require a reliable service able to process high volume, cross-border transactions using all forms of payments,” stated Anthony Volpe, Social Discovery Ventures chief marketing officer. “We selected Net Element because they met that need.”
“This contract win demonstrates our ability to quickly derive value from strategic acquisitions and partnerships,” added Oleg Firer, Net Element CEO. “As we emerge from a period of financial and business restructuring, we plan to see more such value driving developments as we progress into our growth phase.”
For more information on Net Element, visit www.netelement.com
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