Rand Capital Invests $600 Thousand in Information Technology and Network Construction Company
February 18 2015 - 4:05PM
- Tilson Technology Management Inc. growing at five-year
compound annual growth rate of 28.5%
- Tilson's solutions address the growth in demand for
cellular network expansion and electric utilities smart
grids
Rand Capital Corporation (Nasdaq:RAND) ("Rand"), a business
development company that makes venture capital investments in
companies with emerging product, service or technology concepts,
announced that it has recently invested $600,000 as part of a $2.2
million equity capital infusion in Tilson Technology Management
Inc. ("Tilson"). Tilson is an information technology ("IT")
professional services and network construction company. Rand's
primary co-investor is CEI Ventures, Inc., a venture capital fund
focused on socially responsible businesses demonstrating rapid
growth.
Tilson, a veteran-owned business, operates in two fast growing,
and service capacity constrained markets: 1) telecommunications
facilities development for cellular, smart grid and government; and
2) consulting, software development and information systems
deployment specializing in construction applications. Recognized
for its sustained high growth and profitability, Tilson has been on
the prestigious "Inc. 5000" list of fastest-growing private U.S.
companies for four consecutive years from 2011 through 2014.
Daniel P. Penberthy, Rand's Executive Vice President, commented,
"Rand was attracted to this investment because of Tilson's unique
expertise and position in their marketplace, strong execution
skills and further growth potential. Since its origin in 1997, the
business has developed a niche position in the IT and construction
market which supports the explosive growth in mobile data
consumption. Tilson's proficiency and agility makes them uniquely
qualified to service some of the world's largest telecommunications
companies. Also, Tilson has become one of the largest service
providers in upstate New York from their Syracuse office and we
like to support upstate businesses."
Joshua Broder, Chief Executive Officer and majority owner of
Tilson, added, "This infusion of capital will allow us to continue
our growth trajectory. We're making inroads in new markets
organically and also see opportunities to grow through acquisitions
of adjacent businesses. We welcome Rand's expertise as we take
Tilson to the next level." This is a follow-on investment for
CEI.
Nathaniel V. Henshaw, Managing Director of CEI Ventures,
concluded, "CEI has been a long-time supporter and investor in
Tilson. We have been impressed with the management team led by Josh
Broder, who is guiding this company through its dynamic
growth."
Rand has had a co-investment partnership with CEI Ventures since
2004 in two other New England portfolio companies.
ABOUT TILSON TECHNOLOGY MANAGEMENT INC.
Established in 1997, Tilson is headquartered in Portland, ME,
the business has offices in four additional markets, including
Syracuse, NY, Hillsborough, NJ, Foley, AL and Denver, CO. Its
mission is to serve its customers by providing full service
solutions for the development and installation of technology
software and hardware that enables information and power management
and distribution. Tilson builds, integrates, and maintains the
information technology and communications infrastructure that
enables great organizations to innovate and deliver.
ABOUT CEI VENTURES
CEI Ventures manages socially responsible venture capital funds.
The company was founded in 1994 to mobilize private capital markets
while advancing social goals. CEI invests in innovative
companies exhibiting rapid growth, dynamic transformation or
emergence. CEI builds partnerships with passionate entrepreneurs
and quality management teams with relevant experience, visionary
leadership and deep commitment.
ABOUT RAND CAPITAL
Rand Capital (Nasdaq:RAND) provides investors the opportunity to
participate in venture capital opportunities through an investment
in the Company's stock. Rand is a Business Development Company
(BDC), and its wholly-owned subsidiary is licensed by the U.S.
Small Business Administration (SBA) as a Small Business Investment
Company (SBIC). Rand focuses its investments in early or expansion
stage companies with strong leadership that are bringing to market
new or unique products, technologies or services that have a high
potential for growth. Additional information can be found at
the Company's website where it regularly posts
information: www.randcapital.com.
Safe Harbor Statement
This news release contains "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995. Such statements include, but are not limited to, statements
concerning future revenue and earnings, involve known and unknown
risks, uncertainties and other factors that could cause the actual
results of the Corporation to differ materially from the results
expressed or implied by such statements, including general economic
and business conditions, conditions affecting the valuation of the
Corporation's portfolio, the timing and opportunity for investments
or divestitures as well as conditions affecting the portfolio
companies' markets, competitor responses, and market acceptance of
their products and services and other factors disclosed in the
Corporation's periodic reports filed with the Securities and
Exchange Commission. Consequently, such forward looking statements
should be regarded as the Corporation's current plans, estimates
and beliefs. The Corporation assumes no obligation to update the
forward-looking information contained in this release.
CONTACT: Company:
Allen F. ("Pete") Grum
President
Phone: 716.853.0802
Email: pgrum@randcapital.com
Investors:
Deborah K. Pawlowski
Kei Advisors LLC
Phone: 716.843.3908
Email: dpawlowski@keiadvisors.com
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