Rand Capital Invests Into Chequed.com and Liazon Corporation Which Provide Human Resource Tools for Small Businesses
December 07 2010 - 3:04PM
Rand Capital (Nasdaq:RAND) announced that it has completed the
financings of two new portfolio businesses during the month of
November. The two businesses each provide unique human resource
tools for mid-large businesses.
Chequed.com (Saratoga Springs, NY)
(www.chequed.com) "Chequed" received a $250,000
investment from Rand as part of a $1+ million convertible note
financing of the business. Commercializing research developed
in partnership with The Research Foundation of The State University
of New York and The University at Albany's Department of
Psychology, Chequed.com has created selection tools that help human
resource departments connect employee screening practices to
business results.
Liazon Corporation (Buffalo, NY)
(www.liazon.com) "Liazon" received a $500,000
investment from Rand as part of a $1.1 million financing with Lemhi
Ventures Fund I, L.P., Ingleside Investors, LLC and management.
Ashok Subramarian, Liazon's CEO stated:
"Businesses need to break the cycle of double-digit increases in
their employee benefits every year, fix their benefits costs at a
level they can afford, and give their employees a better way to buy
the benefits they actually need. Liazon was
started three years ago on a new idea – that people, not companies,
should be the decision-makers on their health insurance and other
benefits. Liazon has developed and pioneered
their proprietary Benefits Exchange™, the online benefits store
where employees shop for their benefits with money allocated to
them by their employer." Liazon partners with
leading insurance, financial services, and healthcare companies to
provide a wide selection of products at various price-points so
that benefits consumers can build unique benefits portfolios that
are just right for them. Headquartered in Buffalo, New York
and with a sales office in New York City,
Liazon is a national company licensed to provide
employee benefits nationwide and currently has customers in 22
states. The funds provided for both investments will be used to
support the expansion of their sales and marketing activities.
Margaret Brechtel, Vice President of Finance at Rand Capital
said, "Across our portfolio companies, we consistently see how
important employee hiring and human resource benefit administration
is to the success of a company. Both
Chequed.com and Liazon provide
unique solutions and provide the services that companies need, to
successfully hire and retain quality candidates. Both
businesses have had success in client acquisition and retention to
further solidify their business models and make these an excellent
investment opportunity. Rand is excited to partner with
Chequed.com and Liazon and
support their further growth in this dynamic area."
About Chequed.com
Founded in 2008 by some of the foremost experts in employee
selection and development, Chequed.com is an
emerging leader in the rapidly growing market for Predictive
Employee Performance™ technology.
Using its revolutionary Performance EngineTM,
Chequed.com delivers rapid, accurate predictions
of a new hire's performance. The technology's ability to
track and measure relevant results contribute to HR organizations'
ability to better demonstrate a clear tie to business results.
About Liazon
Liazon Corporation was founded in 2007 to tackle the spiraling
inflation and deep inefficiencies within health insurance and
employee benefits in America. Liazon's approach empowers
individuals to become value-seeking consumers of their benefits and
provides small to middle market employers a realistic path to exit
their traditional benefits management roles. Liazon has
demonstrated success in taming benefits costs for its thousands of
customers across the U.S. and in helping their employees save money
and get better benefits. The Bright Choices® Benefits
Exchange™ has won Best Website awards from Consumer Health World
and Web Health Awards and has been featured on CNNMoney.com as a
"New Vision for Fixing Healthcare".
ABOUT RAND CAPITAL
Rand Capital is a publicly held Business Development Company
(BDC), and its wholly owned subsidiary is licensed by the Small
Business Administration (SBA) as a Small Business Investment
Company (SBIC). Rand and its subsidiary provide capital and
managerial expertise to small and medium sized private companies
primarily located in the Northeast U.S. Rand is traded on the
NASDAQ under the symbol "RAND". Rand is headquartered in
Buffalo, NY. www.randcapital.com
CONTACT: Rand Capital Corporation
Investor Contact:
Daniel P. Penberthy, Executive Vice President
716.853.0802
dpenberthy@randcapital.com
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