John Slater
Carson City, NV (USA)
Role(s):
Founder/Owner/Principal
SlaterLabs Incorporated
Find More Startups
Startup
Location:
Carson City
Industry:
Software
Year Founded:
2007
Number Employees:
50-100 people
Business Stage:
Growth (profitable)
Entity Type:
"C" Corporation
Description:
As an introduction, our specific industry is Financial Services Business Application Software, commonly called Corebanking. Our base software product is the Etude Banking System, developed by SlaterLabs in partnership with Microsoft Corporation and HP. Etude is fully owned by SlaterLabs Incorporated, and was completed in late 2009. The system was commercially launched to a number of banks in Europe and Asia. Etude reduces a bank IT and Back-office expenditures by more than 75% from pre-Etude levels while increasing operational efficiency and reporting compliance.
In mid 2010, the decision was made to expand our international presence by entering the US market through a strategic acquisition. As a result, in June 2011 our Board of Directors reached an agreement with a New England based banking services company to purchase of 100% of their Issued and Outstanding share capital. The acquired company was founded in 1992 by two New England based Savings Banks, and has quietly grown to dynamic outsourcing company servicing 78 banking customers in 12 states. It is a profitable enterprise, cash-flow positive, and has relatively no debt. Because it is owned by two Savings Banks, SEC, Federal Reserve and FDIC reporting is required, and is fully Sarbanes-Oxley compliant. These factors make it a very attractive acquisition for our objectives.
Our business plan is simple:
1. Complete the acquisition of the target company by 30 September 2011;
2. Implement our Etude Banking System in the two Seller banks in January 2012;
3. Roll-out Etude to the remaining 76 acquired company banking customers through December 2012;
4. Increase our US market share by immediately expanding operations in the mid-western states;
5. Secure 100 new clients by December 2013, increasing sales from $8M to 27M in first 2 years.
Our $15M Private Placement has raised just over $10M to date. We are actively seeking qualified, accredited investors to complete our funding target, and allow us to close the negotiated acquisition described above.