Payments

Proxama CEO Steps Aside as the Company Makes Some Significant Strides in 2015

Neil Garner has stepped aside from his role as CEO of Proxama, the international mobile proximity commerce and payment solutions company. Neil will remain with the company and will help the board members by focusing on innovation and product development for the business. He will remain as CEO until his replacement has been found and will then move into a new role that will leverage his expertise in creating valuable market solutions with emerging technologies to drive future innovation, product development and thought-leadership opportunities for the business.

We earlier thought that there might have been issues around Neil’s exit from the role of CEO. Miles Quitmann, the former chief commercial officer for Proxama, had resigned from the board back in March this year. Also, Proxama’s financial results for 2014 showed revenue falling to around $1 million as compared to $1.26 million in 2013. Moreover, the losses widened to $9.1 million from $8.4 million. But the company’s recent developments show a different picture:

>> Proxama, which trades on the London Stock Exchange, saw its shares jump 16% to 4.6 cents few days back.

>> Proxama is working with Eye Airports, the UK’s Airport Advertising Experts, to initially deploy 200 Bluetooth low-energy beacons across eight UK airports. Using Proxama’s proximity technology, the network of beacons will be used to deliver timely and targeted beacon notifications to passengers during periods of dwell time.

>> Navy Federal Credit Union, one of the world’s largest credit union, has selected Proxama’s Payment Application Manager as part of their solution to migrate their portfolio of approximately four million debit cards to the EMV chip card standard.

>> Proxama has been awarded a contract with Exterion Media UK, one of Europe’s largest privately owned out-of-home media owner.

In an official press release, Neil Garner said, “The change to my role supports Proxama’s continued drive for future innovation, and the shift in my focus will enable me to devote more time to building new products and partnerships that are driven by emerging technologies. A commitment to product development and creating cutting-edge innovation will be equally vital to the business as we move into the future. An important part of my new role will be to use my experience and expertise to further build upon Proxama’s profile as thought-leaders in the market.”

Considering the recent highlights and Neil’s own comments, the company is apparently on a positive track and the board might be considering Neil’s decision as a benefactor.

We think that the proximity payments sector indeed has some radical developments going on but no one among the players involved is emerging as a “Unicorn.”

Shubha

Shubha has deep interest in studying the intersections of the physical world with the digital world and writing about it. She is a techno-commercial person, a gadget freak and she has worked at Amazon in the past.

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