Technology Platform Set to Revolutionise Private Aviation Launches in Europe During EBACE 2018
Geneva, Switzerland, 28 May, 2018 - Portside Inc., a San Francisco-based software firm launches its innovative private aviation reporting and analytics platform in Europe today, at EBACE 2018. Now, for the first time, aircraft management companies and in-house corporate flight departments will be able to easily analyse and track the performance of their aircraft - providing unrivalled data to their stakeholders.
Portside is a highly automated technology platform backed by a team of experts in every key aspect of private aviation operations. Through collating all aircraft data in one place, Portside can deliver key financial and tax reports that are required to optimise the cost of aircraft ownership and preserve the value of an aircraft.
Portside product highlights:
- Dynamic, actionable financial reporting
- Tax reporting
- Compliance record keeping
- Multi-owner reporting & analysis
- Charter analysis
- Capture aircraft events e.g. owner or charter flights, fuel uplifts, training
- Tie expenses to specific aircraft events
- Digitise and categorise invoices
- Provide cost accounting
- Provide actionable intelligence on charter revenue, costs & resale value
Co-founder and CEO, Alek Vernitsky, explains why the company was formed: “A number of friends with private aircraft came to us with a problem - their management companies were great at ensuring their planes were always safe and ready to fly but, despite their best endeavours, couldn’t provide clear reports to show aircraft utility and performance. We then spoke with hundreds more aircraft owners and it seemed to be a shared concern. With multiple suppliers, vendors and staff located across the globe, collating data became an epic task which usually resulted in incurring higher costs due to not having the full picture of the aircraft. We set about creating Portside to provide a solution to this problem. Owners are happy because they have all information readily available and management companies and flight departments are happy because they are working more efficiently and ultimately providing a better service to customers.”
Portside was founded in the US in June 2017. Early investors in the product include Dean Donovan - founder of Volaris, Paul Touw - founder of Stellar Aero and XO Jet and Kirsten Bartok - MD at Air Finance Group and VP Finance at Beechcraft. The company currently has a number of financial and entertainment clients using the software successfully, with 50% based in the US. Around 70% of users operate mid and heavy size jets, with the remaining 30% flying small and light jets.