Business
Rainmaker Systems Announces Capital Raise and New Strategic Focus
Rainmaker Systems Announces Capital Raise and New Strategic Focus.
About this update from Rainmaker Systems Inc
[{"type":"text","content":"\n \n Rainmaker Systems, Inc. (OTCQX: RMKR), a provider of B2B e-Commerce \n solutions and services, today announced that it has successfully raised \n over $2.5M of a targeted $3.2M recapitalization in a convertible note \n financing. The Company has to date received net proceeds of \n approximately $2.3 million from the financing after deducting fees and \n estimated expenses payable by the Company. The Company used a portion of \n the net proceeds from the financing to repay its outstanding \n indebtedness owing to Comerica Bank and Agility Capital II, LLC.\n \n \n Focus on ViewCentral\n \n \n In addition, the Company announced that going forward it plans to \n increase its focus on ViewCentral, making the preeminent \n Training-for-Profit SaaS platform a key element in its product mix.\n \n \n “ViewCentral has established itself as the best of breed SaaS solution \n in the rapidly growing External Enterprise Training market segment,” \n said Terry Lydon, Vice President and General Manager of Learning \n Management Systems. “The ViewCentral division has achieved impressive \n margins and nearly 100% customer loyalty and retention. We expect this \n trend to continue.”\n \n \n Management Change\n \n \n As part of this strategic realignment, the Company announced that it has \n begun a search for a new President and CEO with Learning Management \n Systems -specific experience, and that Board member Jim Hopkins has \n assumed the rolls of acting CEO as well as Chairman of the Board and \n Chair of the Governance and Nominating Committee. Don Massaro has \n resigned from the Company’s Board and as President and CEO, effective \n July 15, and Brad Peppard has resigned from the Board effective July 15, \n though he continues presently as Executive Vice President and Chief \n Financial Officer.\n \n \n Call Center Services\n \n \n Rainmaker continues to provide world-class call center services on three \n continents for clients for both Fortune 500 and SMB clients, delivering \n incremental revenue and uncovering new revenue opportunities on a pay \n for performance basis.\n \n \n For more information on Rainmaker Systems’ products and solutions, \n please visit both www.viewcentral.com \n and www.rainmakersystems.com/solution.html.\n \n \n About Rainmaker Systems, Inc.\n \n \n Rainmaker Systems i...