Persolvo Data Systems, a provider of Web-based settlement software and analytics designed to locate, identify and settle accounts enrolled in debt settlement programs, announced Wednesday that it reached several milestones in 2011.
The company grew revenues by 278% over 2010 and increased the amount of debt settled by 237%. Along with its first top five credit card issuer in 2011, Persolvo more than doubled the number of debt buyers, collection agencies and legal recovery firms using the company's technology.
Persolvo also reports seeing strong demand from debt settlement companies that, "for the first time, find themselves operating under a regulated model banning advanced fees and outlining strict guidelines on how companies can market their services to consumers."
“With Persolvo’s extensive relationships throughout the accounts receivable management industry, and its growing client list of creditors, collection agencies and debt buyers, Persolvo has created an entirely new channel of settlement opportunities for our consumers enrolled in a debt settlement program,” said Dave Leuthold, CEO of Century Negotiations.
Adds Teresa Dodson, Persolvo’s chief operating officer: “2011 was a breakout year. We are now settling hundreds of millions of dollars of debt for consumers annually, and our business model has been validated by some of the largest credit card issuers, debt buyers and collection agencies in the industry. We’re already off to a great start with the addition of six large collection agencies and debt buyers during the month of January and face a growing number of new client deployments."
