Earthport, the global payments utility, is pleased to announce that following the Company's success over the past 6 months in the Middle East, in December 2008, it agreed to partner with a local corporation to establish a sales office in the United Arab Emirates, Earthport Middle East Ltd.
The sales office is to be funded by the partnership.
Pursuant to the partnership agreement, Earthport is to receive £2m over the next six months from its partner. In addition Earthport will be able to sevice better its existing Middle East sales pipeline and generate an additional revenue stream from opportunities in the Middle East through its local presence.
The Earthport Middle East Ltd. office will be run by senior industry figures with a wealth of experience in the Gulf Region and the Remittance Market.
James Bergman, Chief Executive Officer, commented: 'Earthport continues to develop its Global Network which is resulting in further contract wins and recognition by third parties of Earthport's potential. The interest in the Middle East has been particularly encouraging and we are excited about the potential in the region.'