Metropolitan Venture Partners II L.P. Extends Its Investment in Direct Insite
FT. LAUDERDALE, Fla., Jan. 15, 2014 (GLOBE NEWSWIRE) -- Direct Insite
(OTCQB:DIRI), a leading provider of cloud-based e-invoicing solutions for
Accounts Payable, Accounts Receivable and Payments automation, announced today
that Metropolitan Venture Partners II, L.P. (MetVP), a private investment
partnership that together with its affiliates invests in financial service
businesses, recently extended for over two years the term of its partnership
under new leadership, allowing MetVP to continue its investment in Direct
Insite. MetVP is currently a 12.4% shareholder in Direct Insite.
Matthew Oakes, President & CEO of Direct Insite stated, "We are very pleased
that MetVP, one of Direct Insite's largest shareholders, has extended its
partnership term. We look forward to the continued involvement of MetVP as
Direct Insite executes on its aggressive growth strategy and delivers on the
global deployment of its products and services."
Paul Lisiak, a Direct Insite Board Member and the Managing Partner of MetVP's
General Partner, Metropolitan Equity Partners, commented, "The decision to
extend the MetVP partnership for over two years is a vote of continuing
confidence in the Company's management team that is expanding its business
from the strength of its solid base of quality customers. We look forward to
continuing our involvement with Direct Insite, and profiting along with all
other shareholders in its growth and success."
About Direct Insite Corp.
Direct Insite delivers cloud-based e-invoicing solutions for Accounts Payable,
Accounts Receivable and Payments automation. Since 2001, Direct Insite has
built a track record in automating some of the most demanding financial
environments. Today, over 350,000 suppliers and customers use our e-invoicing
network across 100+ countries (representing more than 35 currencies and 17
languages). Direct Insite's Invoices On-Line™ suite simplifies AP and AR
processes such as: electronic invoice distribution and submission; purchase
order submission, distribution and acknowledgement, invoice processing and
validation, line-item matching, approval routing, invoice consolidation,
dispute management, e-payment processing, and reporting and analysis. To learn
more, visit www.directinsite.com.
About Metropolitan Equity Partners
Metropolitan Equity Partners is a New York-based alternative asset manager
that utilizes a value-orientated special situation strategy to invest in
compelling financial and business service companies. Alongside capital, we
invest time and experience to drive value in portfolio companies through a
results-driven approach. Metropolitan was originally founded in 1999 with
backing from a FTSE-100 financial institution as Metropolitan Venture Partners
and re-launched in 2008 as Metropolitan Equity Partners.
FORWARD-LOOKING STATEMENTS. All statements other than statements of historical
fact included in this release, particularly statements regarding the Company's
prospects for future growth, are forward-looking statements. Such
forward-looking statements are based on beliefs and assumptions, are
predicated upon currently available information, and are subject to risks and
uncertainties. Actual results could differ materially from those contemplated
by the forward-looking statements, including but not limited to, as a result
of the failure of the Company to execute its growth strategy, general business
and economic conditions, pricing pressures and other competitive factors.
Investors are cautioned not to place undue reliance on these forward-looking
statements. The Company does not undertake any obligation to publicly update
or revise these forward-looking statements to reflect future events or
CONTACT: Corporate Contact:
Matthew E. Oakes
President & CEO, Direct Insite Corp.
Direct Insite Corp.
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