Company Handles 58 Million Customer Transactions in 2008, Establishing CashBox as Scalable Payment Solution of Choice for Large, Sophisticated Online Merchants; Expects to Double Revenues in 2009
REDWOOD CITY, Calif. - February 11, 2009 -Vindicia, a leading provider of on-demand payment management software, today released 2008 performance metrics pointing to across-the-board growth and highlighting the company’s expectation to capitalize on the year’s success with accelerated growth in 2009. Underscoring its bullish outlook, the company expects to reach profitability in 2009 on forecasted revenues of between $6 to $8 million, a 100% increase over 2008 revenue. Vindicia handles approximately 160,000 online transactions a day, for a total of over 58 million in 2008. Also in 2008 the company billed $1 billion in revenue for its customers.
“Last year was a critical year of growth for our company,” said Gene Hoffman, chairman and CEO of Vindicia. “We increased penetration of key vertical markets including online gaming and software and expanded our product portfolio, establishing both the technological and operational infrastructure required to scale to meet the needs of the largest and most sophisticated online merchants. Our customers tell us that Vindicia is providing a service of critical importance to the core of their business, one whose importance has only increased in the face of the weak economic conditions.”
In 2008, Vindicia announced new customers in strategic vertical markets including:
- Software – Intuit and Symantec
- Online content – IMVU
- Gaming – Outspark, Cryptic, FireSky and Multiverse
- Dating – Online Buddies
The company also made important enhancements to its product line in 2008 with optimizations to its flagship on-demand billing and fraud management solutions, Vindicia CashBox and Vindicia ChargeGuard. As a result the company now supports a broad range of customer business models, including business-to-consumer; business-to-business; platform-as-a-service; and software-as-a-service. For each business model, Vindicia supports a wide range of payment models including billing by time, usage and user. Vindicia’s solutions are also well-suited to the unique requirements of the emerging cloud computing model. Other key product line enhancements include an expansion of global payment capabilities; support for additional merchant processors and alternative payment methods; and more sophisticated sales tax calculation functionality.
Key additions to the executive team in 2008 included Steve Klebe, senior vice president of business development; Kris Nagel, vice president of worldwide field operations; and Dave Leibow, vice president of merchant services. The company also announced early in 2008 that it raised $5.6 million in series C financing from backers Leader Ventures and DCM. Vindicia enters 2009 in its fourth year of PCI Level 1 and SAS Level 2 compliance, offering online providers valuable experience in the critical area of third party security standards compliance.
Vindicia offers an integrated, on-demand billing and fraud management solution for online merchants. Vindicia CashBox is a best-of-breed billing system for creating and managing recurring and real-time payments and helps merchants improve customer retention and maximize profit. Vindicia ChargeGuard provides automated fraud screening and chargeback management services that enable merchants to recover lost revenue. A PCI Service Provider Level 1 and SAS 70 Type 2-audited company, Vindicia is a key payment management resource for some of the best-known brands on the Internet. For more information, visit www.vindicia.com.