TIDMESG
RNS Number : 6086A
eServGlobal Limited
22 March 2013
eServGlobal Limited (eServGlobal or the "Company")
eServGlobal AGM Statement and Management Change
22 March 2013
eServGlobal (LSE: ESG & ASX: ESV), the global telecoms
software vendor specialising in Mobile Money and Value-Added
Services (VAS) will hold its Annual General Meeting at 11am today
in Sydney, Australia.
At the AGM we will announce that the Company is reorganising its
management structure. Paolo Montessori, COO, will focus on the
overall management and core business while Craig Halliday will
focus on the strategic development of HomeSend. As a result, Paolo
will take on the role of Chief Executive Officer while Craig
Halliday will be chairing a newly-created Board committee focused
exclusively on HomeSend and its role in the growing international
remittances industry. These changes will be effective from 1 May
2013. The new structure recognises the opportunity that HomeSend
represents and the role that Paolo has played as COO in building
the business and our positioning as an industry-leading provider of
mobile financial services.
As explained in the Notice of Meeting, David Smart will retire
from the Board of Directors effective today.
In addition the Board intends to appoint Steve Blundell, CFO, to
the Board as Finance Director on 1 May 2013.
Serving the unbanked and emerging markets presents enormous
potential for growth. Over the past year, we have focused on
diversifying our revenue base to support future growth. Thanks to
these efforts and the capital raise, the core business today is
debt-free, well-funded, has a diversified customer base, and is
poised for long-term growth. We look forward to providing a further
update following completion of the first six months of the
year.
At the meeting Richard Mathews, Chairman of the Company, will
provide the following address to shareholders:
"Today we are announcing a management reorganisation which
involves the creation of a board committee focused on HomeSend
which will be chaired by Craig Halliday. HomeSend represents a huge
opportunity to create value for our business and the focus of the
newly created Board Committee will be on accelerating its already
impressive progress. As a result, Craig is stepping down as Chief
Executive Officer and we are pleased to announce that Paolo
Montessori will take over as CEO from 1 May 2013 and join the Board
on that date.
Paolo, 43, is currently eServGlobal's Chief Operating Officer.
He has over 20 years' experience in telecommunications and has
spent the last 10 years specifically focusing on Mobile Money and
Payments. Paolo holds a Bachelor's degree from the University of
British Columbia and a post-graduate diploma in International
Management from Ecole Les Roches.
Paolo brings a unique combination of deep industry knowledge and
global telecommunications management experience to the CEO role.
Prior to joining eServGlobal in February 2012, Paolo held senior
positions at Comviva and LogicaCMG.
Craig has made an outstanding contribution to the business,
firstly as COO and then as CEO following the disposal of our USP
business to Oracle in 2010. We are confident in his ability to
continue this progress as he focuses on HomeSend, which he, Paolo,
and our strategic partner BICS have built into the undisputed
leader in Mobile International Remittance.
While Craig is not here today in person, he has asked me to read
out a message from him to you, our shareholders:
'I have been very fortunate to lead a fantastic company which
has great people, a great customer base, and a great future, and I
look forward to continuing to work with Paolo in our new roles. We
believe now is the right time for me to focus on HomeSend and to
pass the leadership baton on to Paolo who is an expert in the
mobile money industry.
Our succession planning process has served the company well.
Today's announcement is a result of that planned and considered
process.
With the company on a solid financial footing and performing
well, we have decided that Paolo is the right person to lead
eServGlobal. Operating at the centre of the Mobile Money
revolution, we believe Paolo's experience and in-depth knowledge of
the Payments and Mobile Money industry will lift the business to
the next level.'
The Board also intends to appoint Steve Blundell, the company's
long serving CFO, to the company's Board as Finance Director at the
same time as Paolo is appointed Managing Director (1 May 2013).
Steve has a thorough understanding of the business and its
financial aspects and we believe that his contribution at the Board
level will add additional value to the business.
Details of Paolo's employment contract will be announced before
he commences his new role. Craig's transition is governed by the
Australian Corporations Act 2001 and will be announced at the same
time."
Paolo Montessori, the incoming Chief Executive Officer of
eServGlobal, will provide an update on the company and its
markets:
"It is a privilege to be asked to lead what is the most advanced
International Mobile Remittance, Mobile Money, and Mobile Payments
vendor in the industry. I look forward to working closely with
Craig over the next month during the transition and building on his
legacy, including continuing to work together to build our HomeSend
business.
I am grateful that the Board's succession process has allowed
me, together with Craig, to spend time meeting with and listening
to our people, our shareholders, and the many other stakeholders
that contribute to our Company's success. I now have the benefit of
another six weeks to complete this process.
The evolution that I have seen over the past ten years in the
mobile money industry has been enormous. Mobile operators and
financial institutions are maturing the offerings as the ecosystem
emerges. Low-cost smartphones are enabling a mobile-POS revolution
in emerging markets, and I believe that interoperability and
standards-setting will be critical to the next phase of growth in
mobile financial services.
With this maturity comes an increased demand for domestic and
international interoperability. Rather than install isolated
systems, operators want to provide a cohesive and interoperable
mobile money service across their business.
We believe that HomeSend, the international mobile remittance
hub we provide in partnership with global hubbing expert BICS, is
the natural extension of this progression.
HomeSend has built a commanding presence in Africa via industry
leaders like Vodafone, Airtel, Ooredoo and MTN. On the sending
side, money transfer organisations are turning to HomeSend to reach
unbanked receivers in Africa and Asia that they are unable to serve
in a cost effective manner.
At eServGlobal we have made significant strides to increase the
depth and the breadth of our product portfolio. Since the
fundraising, we announced our first deployment with microfinance
capabilities at an East African operator, which means that there is
now a scalable, low-cost way for the unbanked to secure credit in
order to plan for their next harvest, to invest in new business
ventures, and to grow a future for their families.
We have also invested in broadening our HomeSend offering, and
have successfully developed and taken international airtime
transfers live.
By enabling airtime transfers, we have removed the requirement
for cash-out on the receiving side, ensuring a faster uptake with
end-users while reducing some of the regulatory barriers present in
international remittances. As these users build trust with the
service, we will continue to migrate them along the value chain
towards international remittances.
Our pragmatic approach to mobile money is gaining traction and
we have grown our customer base by 58% over the past three years.
Our PayMobile platform, which enables operators to provide domestic
person to person transactions, bill payments, merchant payments,
savings accounts, microfinance, and domestic airtime top-up is
processing billions of transactions per year.
Looking forward, we are excited to build our presence in the
market and to work with industry leaders like MasterCard, Oracle,
BICS, and Wincor Nixdorf as we move towards the next phase of
mobile financial services."
A further announcement with the results of the AGM votes will be
released after the close of the meeting. We will also provide an
accompanying presentation at the AGM which is available at:
http://www.eservglobal.com/system/files/22032013_eServGlobal_AGM_Presentation.pdf
About eServGlobal
eServGlobal specializes in Mobile Money solutions and
Value-Added Services (VAS), to help Mobile Service Providers
increase their revenue and gain and maintain customer ownership.
eServGlobal invests heavily in product development, using
carrier-grade, next-generation technology and aligning with the
requirements of more than 90 customers in over 55 countries.
For more than 29 years mobile and financial service providers
have used eServGlobal solutions to lead and innovate in their local
markets, leveraging their core assets and their trusted agent and
subscriber relationships.
With 12 offices globally, eServGlobal provides full "end-to-end"
and "any account to any account" Mobile Money Services and
International Remittance Services. The HomeSend solution is the
only mobile-centric international remittance hub to gain
endorsement from the GSM Association. The HomeSend Certification
Program ensures security and interoperability by certifying
domestic mobile wallet providers, money transfer organizations, and
financial service providers to connect to the hub.
eServGlobal's Value-Added Services in promotions, loyalty and
messaging enable service providers to engage with their subscribers
in a personalized and dynamic manner.
eServGlobal is listed on the Australian Securities Exchange
(ESV) and the London Stock Exchange AIM (ESG). More information at:
www.eservglobal.com
For further information, please contact:
eServGlobal www.eservglobal.com
Tom Rowe, Company Secretary T: +61 (0)2 8014
Christina Tubb, Head of Investor 5050
Relations investors@eservglobal.com
Cenkos Securities plc www.cenkos.com
Ivonne Cantú/Stephen Keys T: +44 (0) 20 7397
(Nomad) 8980
Newgate Threadneedle www.newgatethreadneedle.com
Caroline Evans--Jones/Josh Royston/Hilary T: +44 (0) 20 7653
Millar 9850
Charles Stanley Securities www.csysecurities.com
Dugald Carlean/Paul Brotherhood T: +44 (0) 20 7149
6000
This information is provided by RNS
The company news service from the London Stock Exchange
END
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Eservglobal (LSE:ESG)
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Eservglobal (LSE:ESG)
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