Harbortouch POS Firm Launches Product Development Unit in Lithuania

Harbortouch POS Firm Launches Product Development Unit in Lithuania
31.03.2017 08:15 am

Harbortouch POS Firm Launches Product Development Unit in Lithuania

Payments , People Moves

Harbortouch, a market leader in point-of-sale (POS) payment solutions, is setting up a product development division in Lithuania. The division, which will be the company’s first outside the US, is expected to employ approximately 60 IT specialists.

“We have chosen Lithuania because of the talented IT specialists available here and the country’s excellent infrastructure,” says Harbortouch’s CEO Jared Isaacman. For Mr. Isaacman, who founded the company when he was 16 years old, the presence of other major players from the US IT sector also gave Lithuania an advantage. “The success of other innovative US companies such as Uber in the development of integrated systems in Lithuania has convinced us that we must establish here,” he comments.

When choosing a location for the new division, the company considered other countries in the CEE region such as Poland, the Czech Republic, Estonia, Latvia, Hungary and Romania, before opting for Lithuania.

In addition to touch-screen POS solutions, Harbortouch also processes payments through electronic cash registers and credit card terminals. The company’s payment processing services enable payments with credit, debit, gift and loyalty cards. Harbortouch has received numerous international awards for its technology solutions in the field of POS payments.

Established in 1999, the company is now a market leader, servicing approximately 300,000 businesses in the US in its 17 years in business. Annually, approximately €10.5 billion of payments are made through the Harbortouch system. The company’s revenue in 2015 was roughly €280 million, and its operations have been profitable for over a decade now. The company currently employs around 400 people.

“This project is especially interesting in relation to Lithuania’s growing financial technology cluster,” comments Mantas Katinas, director general of the foreign investment promotion agency Invest Lithuania. “That’s because the system being developed by Harbortouch incorporates hardware solutions, IT development, and big data technology,” Mr Katinas continues. “These are solutions of the future, and the Harbortouch project will certainly contribute to the country’s ability to compete going forward.”

Mindaugas Sinkevičius, Lithuania’s Minister of the Economy, believes a business-friendly environment is helping to attract the likes of Harbortouch to Lithuania. “Lithuania has become the first location for Harbortouch’s operations outside its home market,” says the Minister, “and the number of examples of foreign investors engaged in the development of innovative products is on the rise. This demonstrates that the Lithuanian Government has chosen the right direction in ensuring favourable conditions for the establishment of not only local businesses but also leading foreign companies,” concludes Mr Sinkevičius.

Jared Isaacman is a three-time finalist of the Ernst & Young Entrepreneur of the Year Award, and is also a co-founder and CEO of Draken International, a contract air services provider. An avid pilot, in 2009 he broke the world record for the fastest speed around the world in a light jet. 

Related News

Pannovate partners up with Salt Edge to deliver instant PSD2 compliance

Pannovate, UK’s leading payment and digital banking technology company, has partnered up with Salt Edge, leader in offering open banking and secure customer... Read more »

Xpring Now Supports Interledger STREAM

In December, we announced the launch of xpring.io, a developer site that includes a wallet, tools, services, and documentation... Read more »

COVID-19 Crisis Highlights Need for Real-Time and New Digital Payments Services Around the World, New ACI Worldwide Research Reveals

More than half a trillion real-time payments transactions will be processed over the next five years, according to Prime Time for Real-Time, a new global report from ... Read more »

Paysend to work on behaviour change model for money in the digital world

In a world that is changing as fast as never before and is facing great challenges we use technolo-gy to create the best possible outcome for the society. The recent epidemic... Read more »

Pelican Partners with Banking Labs to bring AI-based payments and compliance solutions to the Canadian market

 Pelican, a leading provider of payments and financial crime compliance solutions for banks and corporates, today announced... Read more »

EMVCo Encourages Domestic Payment Systems To Use Terminal Integration Testing Framework

EMVCo is encouraging domestic payment systems (and other similar entities) to use its new EMV® terminal integration testing framework to reduce the time needed to get new and... Read more »

Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel