Rand Capital Portfolio Company, KnowledgeVision, Merges with OpenExchange
October 30 2019 - 8:00AM
Business Wire
Forms Market Leading, Innovative Video
Solutions Company
Rand Capital Corporation (Nasdaq: RAND) (“Rand” or “Rand
Capital”), a business development company, announced that one of
its portfolio companies, KnowledgeVision Systems, Inc., has merged
with OpenExchange Inc. to form a market leading innovative video
solutions company. The merged company is dedicated to serving live,
on-demand and streaming video needs of the professional investment
and financial services industries worldwide.
The merger brings together KnowledgeVision’s patented and
proprietary Knovio technology with OpenExchange’s extensive network
of video conference connections. KnowledgeVision’s expertise lies
in the hosting, streaming, organization and tracking of on-demand
and live video and online presentations. OpenExhange’s network
links more than 40,000 endpoints in over 60 countries throughout
the global financial services sector.
“Extending the opportunity to utilize the OpenExchange offerings
represents a huge plus for current and future customers of the
Knovio smart media platform,” noted Michael Kolowich,
KnowledgeVision’s Chief Executive Officer. “It assures accelerated
investment in our advanced video hosting and streaming platform,
and enables us to focus our efforts on serving the financial
services sector’s unique video needs.”
Daniel P. Penberthy, Executive Vice President and Chief
Financial Officer of Rand Capital, added, “Rand has participated in
five financing transactions into KnowledgeVision over the past six
years. Over that tenure, the company achieved new technology
milestones and advanced customer adoption. This progression has
positioned them for the merger with OpenExchange at what appears to
be an ideal time, as the financial services industry has a pent-up
demand for live video and video-on-demand services to engage and
communicate with their constituents.”
Mr. Penberthy concluded, “Rand has a high degree of confidence
in the potential of the combined organization, evidenced by our
intent to convert some of our existing notes into equity of the
combined entity. The new company is now better positioned in the
market, which we believe will lead to stronger returns on our
investment.”
Further information about the merger and opportunities of the
combined organization can be viewed on the livestream discussion,
which aired on the Knovio platform: KnowlegeVision – OpenExchange
Merger Livecast.
Rand began investing in KnowledgeVision in 2013 and has invested
approximately $1.7 million to date.
ABOUT OPENEXCHANGE
OpenExchange’s mission is to video-enable the vital daily
communications of the financial services and professional
investment industry and its clients with advanced one-to-one,
one-to-many, and many-to-many video technologies, tools and
services. Anchored by its experience in connecting more than 45,000
video endpoints and providing an online video platform to more than
360,000 registered users, the OpenExchange Network bridges the
worlds of real-time videoconferencing, video live-streaming, and
searchable on-demand video archives, making it easy to connect,
create, disseminate, and discover information critical to
investment decisions. Read more at: https://openexc.com/ and
https://www.knowledgevision.com/.
ABOUT RAND CAPITAL
Rand Capital (Nasdaq: RAND) is a Business Development Company
(BDC) with a wholly-owned subsidiary licensed by the U.S. Small
Business Administration (SBA) as a Small Business Investment
Company (SBIC). Rand currently focuses its equity investments in
early or expansion stage companies and generally lends to more
mature companies. The Company seeks investment opportunities in
businesses with strong leaders who 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:
https://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 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: https://www.businesswire.com/news/home/20191030005068/en/
Company: Allen F. ("Pete") Grum President and CEO Phone:
716.853.0802 Email: pgrum@randcapital.com Investors: Deborah
K. Pawlowski / Karen L. Howard Kei Advisors LLC Phone: 716.843.3908
/ 716.843.3942 Email: dpawlowski@keiadvisors.com
khoward@keiadvisors.com
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