Rand Capital Portfolio Company, GiveGab, Announces Acquisition of Kimbia
January 19 2018 - 9:00AM
Business Wire
GiveGab becomes the leader in Giving Days
nationwide
Rand Capital Corporation (NASDAQ: RAND) (“Rand”), a venture
capital company which invests in growth businesses with unique
product, service or technology concepts, reported that one of its
portfolio companies, GiveGab, Inc., announced its acquisition of
substantially all of the assets of Kimbia. Best known for its
nation-wide giving day events, Kimbia has supported the fundraising
efforts of thousands of nonprofits across the country through their
everyday giving products and Giving Days.
“Kimbia is a pioneer and has been the leader in the giving day
space, with more than $1 billion raised online for tens of
thousands of nonprofits around the world,” said GiveGab’s Chief
Executive Officer, Charlie Mulligan. “We’re thrilled to add their
legacy and experience to our modern, secure, and user-friendly
platform, and to continue to build on our absolute obsession with
customer service. This acquisition will allow us to combine the
very best of Kimbia with GiveGab, helping to advance the rapidly
growing Giving Day market.”
The acquisition brings GiveGab closer to its goal of being the
largest charitable software platform through the combined support
of over 40,000 nonprofits since its inception.
“We are very excited about the opportunity to continue support
of Kimbia's clients under the leadership of GiveGab going forward,”
said Mark Perkins, Chief Executive Officer of Kimbia. “The industry
is ripe for consolidation and we believe that GiveGab is the best
fit going forward to provide innovative tools to our nonprofit
partners and grow their impact on the world. GiveGab's commitment
to customer service is unparalleled and we know our partners are in
good hands."
Allen F. (“Pete”) Grum, President and Chief Executive Officer of
Rand Capital, commented, “GiveGab has grown significantly since our
initial investment in 2013. It is exciting to see successful
advancements of our portfolio companies, from both a financial as
well as a market penetration perspective. GiveGab’s acquisition of
Kimbia takes them to the next level in furthering their mission. I
look forward to sharing their success in the future.”
ABOUT GIVEGAB
GiveGab is modern, easy-to-use software that cultivates
long-term giving relationships between nonprofits and their
supporters by providing robust online fundraising, donor
management, supporter engagement, Giving Days, and more. From their
first Giving Day in 2015, GiveGab has since launched over 30
successful Giving Days across the country, many of which were
multi-million dollar days, with several more in the works. To learn
more, visit www.givegab.com.
ABOUT KIMBIA
Kimbia is an online fundraising, crowdfunding, and event
platform provider for nonprofits, higher education, and community
foundations. In the last ten years, organizations including
American Red Cross, Smithsonian Institution, Georgetown University,
Communities Foundation of Texas, GiveMN, The Boston Foundation and
The Miami Foundation have raised over a billion dollars using
Kimbia’s Everyday Giving, Peer-to-Peer, Events and Giving Day
solutions. To learn more, visit www.kimbia.com.
ABOUT RAND CAPITAL
Rand Capital (NASDAQ: RAND) provides investors the ability to
participate in venture capital opportunities through an investment
in the Company’s stock. Rand is a Business Development Company
(BDC), and its first wholly-owned subsidiary is licensed by the
U.S. Small Business Administration (SBA) as a Small Business
Investment Company (SBIC). Its second SBIC is undergoing the
approval process with the SBA. Rand focuses its equity investments
in early or expansion stage companies and generally lends to more
mature companies. Rand looks for strong leadership who is 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: http://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 receiving a new SBIC license and funding, future net
asset value growth, investment returns and opportunities as well as
Rand’s plans for utilizing proceeds from sales of portfolio
companies when and if received. These statements involve known and
unknown risks, uncertainties and other factors that could cause the
actual results to differ materially from the results expressed or
implied by such statements, including general economic and business
conditions, 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20180119005144/en/
Company:Rand Capital CorporationAllen F. ("Pete") Grum,
716-853-0802President and
CEOpgrum@randcapital.comorInvestors:Kei Advisors LLCDeborah
K. Pawlowski, 716-843-3908dpawlowski@keiadvisors.comorKaren L.
Howard, 716-843-3942khoward@keiadvisors.com
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