The solution provider received net proceeds of roughly $3.4 million from the offering after deducting placement agent’s commissions and estimated offering expenses and intends to use the proceeds from the sale for working capital and general corporate purposes.
“This additional capital will further strengthen our balance sheet and support our strategic initiatives to capitalize on the significant opportunity we see for our BtoB e-Commerce solutions and accelerate our revenue growth,” said Michael Silton, CEO of Rainmaker Systems.
In May 2011, Rainmaker Systems launched a BtoB e-Commerce store for a Fortune 500 networking equipment manufacturer. The solution is focused on encouraging SMB customers to trade-in their old networking equipment for new equipment from the manufacturer, to accommodate traditional business buying process needs such as trials, banded pricing, quotations and purchasing via corporate credit card, wire transfers or purchase orders.
