BrexitSo four long years after the UK narrowly voted to leave the European Union, the day has come when the UK will officially exit the EU, which will happen at 11pm UK time this evening, Friday 31st January 2020.  There will then follow a transition period of 11 months during which time the UK will continue to abide by EU laws and regulations, whilst it negotiates it own trade deals with both the EU and the rest of the world.

As we are a UK-based business we wanted to take this opportunity to again reassure our customers about our position and the impact on MIDAS during this transition.

We’d like to remind customers that all our administrative operations are based here in the UK, with our primary server infrastructure residing in the United States (and with backup systems in the UK). We have no staffing or physical infrastructure in other EU countries, and therefore the UK exiting the EU today will not affect on the day-to-day running of our own operations going forward.

Over 90% of our customers will reside outside of EU countries once the UK leaves the EU, and so any subsequent volatility within the EU itself will have a negligible impact on our financial position.

We continue to do business across the globe – including with other EU states, and our existing and future EU customers are no less valued than our customers in any other country, and that won’t change after today’s Brexit.

As you may be aware, we recently revised the pricing model for the cloud-hosted edition of our software, however, we have not raised our prices as a result of the UK’s decision to leave the EU.

As we offer payment for MIDAS in a number of global currencies (including Euros), our prices automatically update daily based on global exchange rates. Previously these automatic updates were based on the exchange rate that particular day alone, however since the Brexit vote was delivered back in June 2016, and the fluctuations and uncertainty there’s been in currency exchange rates, we’ve improved our exchange rate calculations to instead take an “average” of the exchange rate over the previous 8 weeks. This helps smooth out any short term “blips” that may occur from day to day, and allows a more consistent price to be shown on our website for non GBP currencies, including Euros.

So, our message is still that we’re hopeful and excited about the UK’s future in the global economy, and so whilst we’re “Brexiting” today, our EU customers existing and future won’t be teated any differently, and it continues to be business as usual here at MIDAS HQ!

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