NEW YORK, NY and TEL AVIV, ISRAEL and MOSCOW, RUSSIA--(Marketwired - March 05, 2014) - Wix.com Ltd. (NASDAQ: WIX), a leading global web development platform, announced its partnership with Yandex.Money, the largest online payment service in Russia, which will provide a local online payment system to Wix's users there. Through this partnership, Wix is now able to provide Russian users its powerful website development technology, supported by Yandex.Money's robust and popular online payment solutions.
As Wix continues to expand into new geographies, the company is taking a strong local approach by not only translating its platform into other languages, but also by tailoring its payment solutions to the varying standards and practices of the different markets. By partnering with Yandex.Money and other leading local payment providers instead of relying solely on international credit card payments, Wix plans to accelerate its growth in key markets.
Wix enables its 42 million registered users to create a professional online presence themselves and manage additional aspects of their business, beyond website creation, all from the Wix Cloud. Wix users can maintain a free website and upgrade to a paid premium subscription in order to benefit from additional features and capabilities such as connecting a domain, removing Wix branding and adding e-commerce solutions. Through the company's payment localization strategy, Wix users in different geographies are able to upgrade to premium products using a payment method that they recognize, trust and can easily access.
With over 16 million accounts and 10,000 new ones registered every day, Yandex.Money is the largest electronic payment service in Russia. Yandex.Money's safe and reliable online payment service enables Russian users who don't have an international credit card or are hesitant to enter card details in online stores to make purchases online without facing extra fees. During 2013, Yandex.Money saw a 17% increase in payments for website building and hosting services among its users, an encouraging trend for this partnership.
"Expanding in new markets is one of our goals for 2014, and we're focusing on tailoring our cloud-based solutions to fit the specific needs and requirements of users in these markets," said Lior Shemesh, Wix's CFO. "Wix is all about simplifying and streamlining the web creation and management process, and it's our priority to provide an uninterrupted and frustration-free user experience, no matter where our users are located. The partnership with Yandex.Money, the largest online payment service in Russia, takes us yet another step closer to achieving this in Russia and help Russian SMBs take their businesses online."
"E-commerce in Russia has been booming," said Dmitry Danilenko, Yandex.Money's Chief Commercial Officer. "According to Morgan Stanley, the sector will have doubled by 2015. We see a lot of interest among users in this area, many of whom hope to start an online business of their own. Wix.com allows users to create their own websites for free, and its premium features help these users take their professional business presence to the next level. Yandex.Money has over 16 million accounts and we're happy to help them and all Russian users launch their own online business."
About Wix.com Ltd.:
Wix.com (NASDAQ: WIX) is a leading cloud-based web development platform with over 42 million registered users worldwide, as of December 31, 2013. Wix was founded on the belief that the Internet should be accessible to everyone to develop, create and contribute. Through free and premium subscriptions, Wix empowers millions of businesses, organizations, professionals and individuals to take their businesses, brands and workflow online. The Wix Editor and highly curated App Market enable users to build and manage a fully integrated and dynamic online presence. Wix's headquarters are in Tel Aviv with offices in San Francisco, New York, Vilnius and Dnepropetrovsk.
For more information, visit: http://www.wix.com/
Yandex.Money is the largest electronic payment service in Russia offering easy, safe and reliable methods of paying online. By mid- 2013, the system had over 16 million accounts, with more than 10,000 new accounts added daily. The platform handles over 150,000 customer payments for goods and services daily. According to TNS, Yandex.Money is Russia's most well-known payment service: 84% of Russians are familiar with it, and 17%use Yandex.Money to make payments at least once every six months. Currently, Yandex.Money is accepted by over 50,000 internet stores. For more information, visit https://money.yandex.ru/eng/merchants
This press release contains forward-looking statements, within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, that involve risks and uncertainties. Such forward-looking statements may include projections regarding our future performance and may be identified by words like "anticipate," "assume," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "future," "will," "seek" and similar terms or phrases. The forward-looking statements contained in this press release are based on management's current expectations, which are subject to uncertainty, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Important factors that could cause our actual results or actions to differ materially from those indicated in the forward-looking statements include, among others, our ability to grow our user base and premium subscriptions; our ability to maintain and enhance our brand and reputation; our ability to manage the growth of our infrastructure effectively; changes to technologies used in our solutions or in global, national, regional or local economic, business, competitive, market, regulatory and other factors discussed under the heading "Risk Factors" in the prospectus filed with the Securities and Exchange Commission on November 7, 2013 in connection with our initial public offering. Any forward-looking statement made by us in this press release speaks only as of the date hereof. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise.
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