How A Company Bought Back Its Shares To Stay Afloat
Düsseldorf, Germany - Exvisa, the new immigration app designed to change the ways in which we move across the globe in an increasingly digital world, has officially begun to make waves in the transportation, immigration, and tourism industry. And while the platform is most well-known for its service to the immigration and travel industries, it has managed to expand significantly in the wake of the COVID-19 pandemic. While there is hardly a company in the travel industry that hasn’t had to lay off some employees, there are also very few that have actually expanded their team – and Exvisa has done just that.
The COVID-19 Crisis
The financial implications of COVID-19 are far from over – in fact, the travel industry continues to experience significant struggles, with little to no indication as to when the millions of people affected by the virus will feel safe enough to travel again. With these major setbacks, Exvisa has also struggled.
The very core of Exvisa has suffered a major blow due to the lack of need for travel agencies, visas, and the like. However, Tolga Akcay, the optimist, Founder, and CEO of Exvisa says, “the whole thing reminds me of the time of the DOT-COM bubble, when many panic sellers sold their Amazon or Google shares far below value. I need brave people with visions on board, which is why the crisis is just right for a courage and loyalty test.”
The Buy-Back Solution
Led by Akcay, Exvisa bought back all of their € 30 million stake from investors, remaining transparent in their endeavors every step of the way. “Because the project is big – much bigger than several millions of dollars. We will redefine borders in the new world, and that new world is surely going to show itself once the COVID-19 pandemic subsides,” says Tolga. In other words, Exvisa’s vision isn’t about the money – it’s about the end-result.
By working diligently and by continuing to improvise and respond on the fly to the ever-evolving situation, Exvisa has strategically positioned itself to remain afloat, even if the travel industry doesn’t recover at all in 2020.
“The likelihood that the travel industry recovers this year is just so slim, it’s near impossible. We’ve tried to strategically position ourselves to not only stay afloat, but to expand and grow in preparation for the recovery, which we believe will be monumental when it begins.”
In speaking about the expansion that Exvisa is currently pursuing, one can look to their massive investments in raw materials like Ethanol, which is one of the main ingredients in disinfectants. From there, they’ve also helped to establish a global network for bacterial medical materials, which has allowed the company to keep their employees onboard all throughout the world. Exvisa is one of the few – if not the only – business in the travel industry that has been able to navigate the COVID-19 landscape without firing a single employee.
The Next Move
Most of Exvisa’s customer support centers have been used to relieve the overwhelmed emergency centers across 38 different countries. With a goal of contributing to the greater good, it seems like Exvisa has literally rebranded itself overnight – but they still keep their eyes peeled for the resurgence of the global travel economy.
The remaining employees in their call center areas were used to offer advice to customers, along with a shopping experience. Today, the company has a number of long-standing deals with major telecommunications service providers, including Vodafone. The idea is that these partnerships will allow consumers to better prepare themselves for international travels with the right electronics and communications devices as soon as they’re able to make their next trip.
Through a systematic design, and with the help of in-house programming, Exvisa has gone on to develop an efficient termination model, which is used to target customers. Companies that have suffered major slumps and downturns as a result of the pandemic can actually benefit from this model through the implementation of telephone and Zoom-based customer advising.
The Successful Crisis
Exvisa should serve as concrete proof that leadership and teamwork are the most important elements in any company because they directly impact and dictate the success of their endeavors. No matter how challenging a crisis may be, leadership, responsiveness, and innovation are the key ingredients to success.
Even if at a slower pace, the Blockchain Passport and Visa technology that Exvisa has become known for, will continue to develop. And by the time the travel industry begins its recovery, this technology will be better optimized and better prepared to do exactly what it was designed to do. With exceptional motivation, Exvisa will make a tremendous leap in the future to redefine the borders, but in the meantime, they’ll do everything in their power to take care of the people within these borders.
Company: Exvisa GmbH
Contact: Media Team
Address: Königsallee 2b, 40212 Düsseldorf, Germany