Net Element Announces Acquisition of Recurring Cash Flow Portfolio

Net Element (NASDAQ:NETE) has announced it has acquired a transactional services portfolio from Universal Payment systems.

As quoted in the press release:

Net Element through its subsidiary Unified Payments has acquired cash flow assets for a total of $2.7 million, which are expected to generate well over $5 million in gross profits over the next four years and expected to continue generating profits thereafter.  The Company and UPS have enjoyed a successful and mutually beneficial partnership over the last five years.  The newly acquired cash flow assets are expected to enhance the Company’s profit margins.

“The transactional services portfolio acquisition deepens our relationship with UPS, which has been very positive for both organizations. By providing UPS with the capital to grow we are building real value for the future of both our companies,” commented Vlad Sadovskiy, president of integrated payments for Net Element.

“Net Element has always stayed true to their word.  They have been supportive and committed to our success over the years and this has helped us grow our business significantly.  We are excited to expand our partnership with Net Element,” commented Anthony Kutscher Jr., president of Universal Payment Solutions.  “This transaction will fuel our continued growth for years to come.”

Click here to read the full press release.