Total merchant accounts grew 138 percent in the twelve month period ended November 30, 2005. For the first eight months of fiscal 2006, total merchant accounts grew 87 percent. Acies noted that the growth in merchant accounts has been generated organically, with little addition to the Company’s infrastructure or overhead.
“We are pleased to report such a strong increase in our merchant account portfolio, even through the typically slow month of November, just prior to the holiday spending season,” said Oleg Firer, President & CEO of Acies. “As a result of our expanded customer base, we expect to realize increased revenue generation in the fiscal third quarter, when transaction volume is historically high. We are also pleased to have added new merchants during their ‘busy’ season, when they are less likely to switch payment processing providers. We believe this is a testament to the quality of service we provide, as well as the strength of our sales and marketing efforts.”
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