Net Element Acquires Assets of Argus Merchant Services and Treasury Payments

Net Element (NASDAQ:NETE) announced that the company has acquired certain transactional services portfolio assets from Argus Merchant Services and Treasury Payments for a total of US$1.42 million.

The company said that these assets will generate recurring cash flow portfolio of US$4 million in gross profits over the next four year.

As quoted in the press release:

In addition, the total billing commitment by Argus to the Company’s Unified Payments subsidiary over the next 5 years is expected to generate over $19 million in gross margin for the Company. The Company, Argus, and Treasury 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 takes our relationship with Argus and Treasury to the next level. This acquisition will build real value for the future of our respective companies,” commented Vlad Sadovskiy, president of integrated payments for Net Element. “We are excited to see a significant commitment from Argus which is expected to add over $19 million in gross margin to the Company over the next 5 years.”

“We are excited to expand and continue our relationship with Net Element,” commented Eugene Gold, managing partner of Argus Merchant Services and CEO of WOW Payments. “The unprecedented support and commitment we have received from Net Element has not only helped us grow our business, but also establish strategic partnerships with our ISO’s and agents. We feel confident that this transaction will boost our continued growth and establish a strong leading presence in the market.”

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