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May 7, 2020

Net Element mulls strategic options including sale

The board of directors of electronic payments acceptance firm Net Element has authorised the firm to weigh strategic options for its business including a possible sale.

The move aims to unlock shareholder value, the company revealed.

Apart from sale, Net Element will also consider options like technology licensing, spin-offs as well as mergers.

The firm did not offer a timeline and stressed that the result of the review is still uncertain.

It refrained from divulging any more details on the matter unless the board green lights a specific course of action.

Net Element executive chairman Oleg Firer said: “Net Element has optimised operations company-wide and implemented efficiencies, achieving cost savings.  At the same time, it appears that the public markets do not appropriately recognise the value of our business.

“As a result, our Board of Directors has decided to explore strategic alternatives to further unlock value for its shareholders.”

Net Element runs a payments-as-a-service transactional and value-added services platform. It caters to SMEs in the US as well as some emerging markets.

In December 2019, the firm launched merchant acquiring enablement services via Netevia HQ platform in the US.

Earlier last year, the firm unveiled a new multi-channel cryptocurrency payments acceptance application based on blockchain technology.

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