Today Export Insurance Agency of Armenia (EIAA) signed export insurance policy with “Cube” Company, which represents the sphere of Information Technologies. Export insurance policies enable “Cube” Company to avoid risks of non-payment of the profits, expected from sales of the mobile application and at the same time to receive financing without collateral, with simplified procedures and obtainable interest rates.

Executive Director, Chairman of the Management Board of EIAA Armen Shahnazaryan mentioned that “Cube” Company is the first company in the sphere of Information Technologies which enjoys the services of Export Insurance Agency of Armenia and expressed hope that the cooperation will be continuous and will act as a good example for other IT companies.

Armen Shahnazaryan added, “EIAA plans to expand insurance products for companies involved in export of services, in particular, for IT companies.”

“About one year cooperation with EIAA has enabled “Cube” Company to receive periodical factoring financings from a commercial bank, without property pledge since the first months of activity. As a result, day by day the Company broadens the options of mobile application development and volumes of export, effectively managing the working capital,” mentioned the Co-Founder of “Cube” Company Garik Avetisyan, expressing gratitude to the Agency for close cooperation.

“Cube” Company is engaged in development of mobile applications, the most famous of which is Pixomatic mobile photo editor. With its own system of picture processing the application enables to easily edit pictures giving them a creative look. Today the application has 500.000 downloads in AppStore and 450.000 downloads in Google Play.