AVM New Wave Concludes Venture Financing Discussions with SIA Transact Pro
Companies see synergies and strategic opportunities for mutual growth and added benefit to clients
New York, NY — September 1, 2009 — AVM New Wave, a leading provider of intuitive, ready-to-use business process automation solutions targeting the financial services and legal verticals, has concluded venture financing discussions with SIA Transact Pro, a provider of card and transaction processing services based in Latvia. SIA Transact Pro will make a substantial investment in AVM New Wave, and will look to exploit synergies between the two companies in order to foster mutual growth.
Since its founding in 2004, SIA Transact Pro has provided payment processing and card services to a clientele that includes both corporate entities and private individuals. With a base of more than 14,000 retail customers, the company provides card issuance and merchant acquiring services, and maintains solid relationships with banking industry partners including many Visa and MasterCard member banks. Their interest in AVM centered around AVM’s OffCom entity management software product, which provides workflow automation around the myriad of paperwork typically associated with the formation of corporations and other business entities. Looking to become a preferred transaction processing provide for commercial transactions, SIA Transact Pro saw a rare opportunity window occurring during the early stages of entity formation, and, by partnering with AVM, SIA Transact Pro can present their services to newly-formed business entities at their inception.
Says Mark Moskvin, CEO of SIA Transact Pro, “Partnering with AVM will enable us to present our card- and transaction-processing services — as well as other, related services — to newly-formed companies at their inception, providing a unique opportunity to engage when these companies are first considering what services they will require, and which vendors will be most suitable. By engaging at this early stage, we believe we can present our compelling value proposition free from much of the static that occurs once a company is in full operation.”
Mikhail Vaynshenker, president of AVM New Wave, says, “We welcome the investment and partnership with SIA Transact Pro, and believe that this relationship will be a mutually rewarding one. More importantly, with both parties bringing significant expertise to the table, we believe this combination will ultimately prove beneficial to our clients, providing access to an expanded product offering and delivering a wide range of critical yet affordable, value-added business support services.”
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About SIA TransactPro
SIA Transact Pro was founded in 2004 and since then has been providing payment processing and card services to its customers — both corporate entities (merchants) and private individuals (cardholders). With an extensive base of more than 14,000 retail customers, the company renders card issuance and merchant acquiring services, maintaining partner relationships with the banking industry, including many Visa and MasterCard member banks. Based in Riga, Latvia, SIA Transact Pro also offers cross-border and domestic merchant acquiring, provides technical support and integration, risk monitoring and management, application handling, customer support and cardholder administration. For more information please visit the company’s website at www.transactpro.lv.
About AVM New Wave
Since 1994, AVM New Wave, Inc. has been a leading provider of intuitive, ready-to-use business process automation solutions targeting the financial services and legal verticals. Their solutions include workflow management; customer relationship management; and private-label payment networks for both traditional payments and micro-payments. Based in New York City, AVM has marketing and technical-support offices in New York, with development centers in Moscow, Russia and Riga, Latvia. For more information, visit their website at www.avm.com.