Shore Solutions Inc. acquired Rainmaker Asia, Inc. from Rainmaker Systems Inc. for $1.1 million.
December 20, 2012 at 11:00 pm EST
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Shore Solutions Inc. acquired Rainmaker Asia, Inc. from Rainmaker Systems Inc. (NasdaqCM:RMKR) for $1.1 million in cash on December 17, 2012. As per the stock purchase agreement, Rainmaker Systems received an initial cash payment upon execution of the agreement of $0.85 million. In addition to the closing payment, Rainmaker Systems may receive additional contingent consideration based on multiple earn-out provisions included within the agreement. The earn-out calculations provide Rainmaker Systems the ability to receive additional consideration of $0.3 million at target plus a nominal percentage of certain revenues of Rainmaker Asia during the period from January 1, 2013 through December 31, 2015. Pagemill Partners, LLC acted as financial advisor for Rainmaker Systems Inc.
Shore Solutions Inc. completed the acquisition of Rainmaker Asia, Inc. from Rainmaker Systems Inc. (NasdaqCM:RMKR) on December 17, 2012.
Rainmaker Systems, Inc., is an enterprise solutions company. Rainmaker Systems, Inc. and its subsidiaries are focused on serving business enterprises to help increase sales to small and medium sized businesses. The Company's services include lead generation services, SMB sales and contract renewals and training. The Company has developed the Rainmaker Revenue Delivery Platform which combines sales and marketing services coupled with renewals software and business analytics. The Companyâs services include marketing strategy development, personalized renewals and subscription e-commerce and microsite creation and hosting, inbound and outbound e-mail, direct mail, chat, and call center services across the world. The Companyâs ViewCentral SaaS platform provides an end-to-end solution for the management and delivery of training programs for corporations. The ViewCentral Learning Management System platform is a SaaS, cloud based, on-demand, training management system.