Expansion into Foreign Markets with Domestically Designed Products
Dejavoo Systems is a hardware point-of-sale system manufacturer that specializes on secure payment processing through reliable technology. There are dozens of players in the payment processing space. In fact, the industry has been through a series of changes (including the consolidation of players, the introduction of cloud-based software, and the introduction of new payment methods i.e., Google Wallet, Apple Pay, EMV - Europay, MasterCard, and Visa - Chip Enabled Credit Cards... etc.). One of Dejavoo's key value propositions is that they consistently try to stay ahead of the curve when it comes to new technology in the payment processing space. A few years ago, Mony decided that it would be best if the company explored the opportunity associated with the Canadian market. Though the market size is roughly 10% of the US target audience, the margins were better and Mony saw this as a great growth opportunity. Entering Canada did come with its fair share of challenges. For example, according to Mony, the country likes to be sold to and serviced by Canadians (as opposed to companies based in the United States). Dejavoo Systems has been successful in Canada and now Mony is focused on where to go next.