New Go-to-Market Strategy Focuses on Global Partnerships and Leveraging a Larger Sales Force to Penetrate New Global Markets
ROSH PINA, ISRAEL — 09/29/15 — On Track Innovations Ltd. (oti) (NASDAQ: OTIV), a global provider of near field communication (NFC) and cashless payment systems, has implemented a new go-to-market strategy designed to advance the company’s NFC market leadership and drive profitable growth.
The initiative is being led by the company’s new CEO, Shlomi Cohen, who was appointed based on this proven record of successfully managing global sales organizations. He was previously the CEO of RayV (successfully acquired by Yahoo), president of NICE Systems for Europe, Middle East and Africa (EMEA), and has also served in a number of sales management positions for leading technology companies, including Nokia, Siemens and BATM Advanced Communications.
“Our unique NFC technology and innovation capabilities are unrivaled in the industry, with this underscored by the recent favorable resolution of our patent-infringement suit,” noted Cohen. “While we have tremendous technology, the company over recent years has been predominately focused on restructuring and R&D, and has not benefited as much as it could have from growth in the global NFC market. My new role as CEO, but also currently as head of sales, is to transition the company into a more capable and effective sales organization, and one that is more customer focused.”
“A key underlying element to our new approach is a further realignment of our internal organization and cost structure that will make our operations more efficient and more focused,” continued Cohen. “We plan to redeploy the related cost savings and efficiencies toward strengthening our sales organization, in terms of both personnel and geographic reach.”
In line with these efforts, the company will be recruiting new marketing and sales professionals to address emerging opportunities in Europe, Middle East and Africa (EMEA), Asia Pacific (APAC) and North America.
While becoming more sales oriented, the company still plans to introduce advanced new product lines and enhancements designed to support the entry of new markets and industry verticals, as well as expand upon existing customer adoption. R&D efforts will include the engagement of new partnerships with global manufacturers and developers in order to support and accelerate product development.
Added Cohen: “Given the tremendous emerging global market opportunity for NFC that has been strengthened by the greater adoption of mobile payments, our patented NFC technology positions us very well for long-term sales growth and profitability.”
On Track Innovations Ltd. (oti) is a leader in contactless and NFC applications based on its extensive patent and IP portfolio. oti’s field-proven innovations have been deployed around the world to address NFC and other cashless payment solutions, petroleum payment and management, cashless parking fee collection systems and mass transit ticketing. oti markets and supports its solutions through a global network of regional offices and alliances. For more information, visit www.otiglobal.com, the content of which is not part of this press release.
Scott Liolios or Matt Glover
Liolios Group, Inc.
Nir (Neil) Barr
oti Marketing Director