Alumni build company worth $25M

A transnational company founded by UNM alumni just two years ago is now worth more than $25 million, and the owners say it is changing the way the restaurants sell food.

Andy Lim and Corey Fiala founded POSLavu in 2010, a few months after Apple Inc. introduced the first version of the iPad. Cofounders Lim and Fiala noticed that running from tables to cash registers took servers at restaurants far too much time, which slowed down transactions and forced customers to wait to pay their bills.

The group decided to create a “mobile point of sale” where wait staff use iPods to collect orders, and iPads to check out customers.

Despite being on the market for less than two years, POSLavu has seen exponential growth and now operates in 20 countries. In 2011, when the company started selling its mobile application consistently, POSLavu moved from 30 to 800 customers in just one year. Lim said he expects the company to grow an additional 2,500 percent by the end of this year, generating 20,000 new customers.
“Call me crazy, but I think we can be even bigger than Facebook,” Lim said.

In addition to its more than 90 national distributors, POSLavu has more than 30 sale agents in countries such as Australia, China, Mexico, and England. POSLavu has been featured in the national media in outlets such as CNN and the Wall Street Journal.

Tony Scotto, general manager from Moda Espresso bar in New York City, uses the program to help run his business, and he said in an online review of POSLavu that it is a good service for small businesses.

“It works well and is efficient,” Scotto said. “Even though sometimes it slows down a little, it makes a good impression to our customers.”

The estimated value of POSLavu is $25 million, according to its founders. Revenue reports show the company made about $370,000 over the last two months. The company has no investors or venture capital, and is not publically traded.

“We are proud of the fact that we have been able to achieve that (growth) without any investors,” COO Fiala said. “Everything we have is ours because we don’t borrow anything.”

POSLavu directly employs 18 people, eight of whom are UNM alumni, and all of whom are Albuquerque residents.

“Companies must have a good team to succeed,” Lim said. “We have been very lucky because we have found the right people here in Albuquerque.”

POSLavu’s founders said its goal is to change the way businesses interact with their customers.

“We want to change the way people do business” Lim said. “With POSLavu, people can do mobile and very efficient interactions with current technology such as iPads and iOS devices.”