Cape-based electronic funds transfer (EFT) software developer, Mosaic is going head to head with the best e-commerce solutions providers in the world in a move to grab a significant slice of the American and European markets.
The company predicts that more than 70% of its revenues in 1999 will be generated offshore and will boost its business by a further 100% by the end of the next financial year. Mosaic has been expanding operations in America and Europe for almost two years. This strategy boosted revenues by 120% in the `98 financial year and a further 85% in the financial year ending May `99.
"Following our significant growth locally we began to look further afield to expand our business," said Willem van Biljon, joint CEO of Mosaic Software. "Mosaic is striving to tap into the massive e-commerce markets abroad and has already gained a lot of ground, particularly in the US. By the end of the year, we expect that more than half of our business will come from America."
On the back of its flagship platform Postilion, Mosaic has recently formed strategic partnerships with Mr Payroll - leading US provider of cheque cashing automatic teller machines (ATMs); Phoenix International - major provider of retail banking software for consumer transactions in the US; and ICL - leading European IT systems and services company.
Mosaic joined forces with Mr Payroll to supply customised casino ATMs and point of sale (POS) terminals for cash advances to The Venetian Gaming Resort in Las Vegas - the largest casino in the world. A wholly owned subsidiary of Cash America International, Mr Payroll is at the forefront of security technology and pioneered face biometrics - a security system designed to confirm identity before cheques are cashed. Senior vice president of Mr Payroll, Neil Chernoff has labeled Mosaic Software "our best kept secret".
US-based company, Phoenix International, provides core retail banking software and trade/dealer room solutions. The alliance with Mosaic sees the integration of Postilion into all Phoenix retail banking products to automatically enable these systems with EFT solutions. This global player will also assist Mosaic with international product development.
Together with ICL, Mosaic now also provides a dramatically simplified POS solution to international retailers, with the Postilion platform enabling seamless EFT. Other valuable alliances with high-profile international players include deals with Atos - the UK`s leading independent ATM and POS management company; Deutsche Post - diversified international service provider in the communications, transport and logistics markets; Mauritius Commercial Bank - the oldest and largest bank in Mauritius; and the Bank of Sjarjah in the United Arab Emirates.
"Mosaic`s strategic partnerships with leading international players is in line with our aggressive international growth plan. We will also continue our development of software applications for this rapidly expanding market," concludes van Biljon.
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