Rhodes Edge Inc has acquired tech startup Folr. No financial terms were disclosed. Also, Folr CEO Josh Konowe has been added to Rhodes Edge’s board. Folr was backed by Sugar Ventures.
Washington, DC, 28/08/15 – Rhodes Edge Inc., a leading data analytics and security firm in the US, announces its recent acquisition of technology startup, Folr. Besides the full buyout, Folr’s serial entrepreneur CEO, Josh Konowe, will also join the board at Rhodes Edge, Inc.
Rhodes Edge will add Folr’s unique geo-location tracking technology into its current product offerings of ROSES and RECheck providing a powerful cost-effective smartphone and web solution that accurately tracks the geographical movements of assets (people, vehicles, items).
“The acquisition of Folr and the unique capabilities it brings to the Rhodes Edge product suite is exciting for the company and will significantly enhance our capabilities,” said Dawn Young, President of Rhodes Edge. “The solution has application to a wide variety of clients in both the public and private sectors for asset management and location awareness.”
“It feels good to have a moment like this without having to raise a huge amount of financing. Clearly our pilots, OEM partners and clients see the value for managing their mobile staff in a better and more effective manner. In short, we proved enough to show the core value and with some real world enterprise usage,” said Josh Konowe.
The Folr mobile application, installed on an iOS or Android device, unobtrusively updates a business administrator on the location of assets using a combination of Wi-Fi, GPS, and cell tower triangulation. It has a slew of features that make it easy to use and with enough depth to gather a lot of information from anyone using the app or desktop administration tool. Privacy parameters ensure staff is only tracked during specified work hours.
Folr is a portfolio company of venture builder, Sugar Ventures. As with all it’s other portfolio firms, Sugar was onboard with Folr from the ideation stage, through growth phase and now at the exit.
“We are happy to announce a trade sale of Folr to Rhodes Edge,” said John Fearon, Co-Founder of Sugar Ventures. “This is a validation of our business model and the hard work put in by the team”
“This exit represents incredible value on both sides for the buyer and seller. It more than proves many times over that this new venture accelerator model can work if done well and of course with some fortuitous timing,” said Josh. “I credit our investors first who took the biggest risk. The team who worked tirelessly to get it right, my right hand, Natalie Ip who was integral to the success and the rest of the development team at Sugar. These moments don’t happen without everyone involved, in the boat and rowing their proverbial and actual tails off in unison. We are also excited to join a successful team in the U.S. who has done this before and who has a product suite we feel is incredibly complementary.”
Rhodes Edge Inc. is a Virginia-certified Small, Woman and Minority (SWaM) company and certified Woman-Owned Small Business (WOSB) located in Alexandria, Virginia, providing robust solutions and services to increase security, awareness, and the ability to identify vulnerabilities and fraud from within organizations and from outside entities. By expertly accessing and analyzing a multitude of official, primary-source, social media and proprietary data sources, Rhodes Edge offers a complete picture of an individual or entity, leading to better decision making through increased awareness and knowledge.
Folr is part of Sugar Ventures
Founded by prominent serial entrepreneurs John Fearon and Dr. Mark Hon, Sugar Ventures is a venture builder that crystallizes ideas to change the world. With dedicated teams operating in Singapore, Washington DC, Cape Town, Hanoi, Bangkok and London, Sugar’s portfolio of startups includes apps and marketplaces such as Kluje, Folr, MeetDrinks, PreIPO Club, SOML, Forth TV and VoiceMap.
At Folr, we believe in answering Where matters to everyone. Knowing where a person is we can answer all the other 4 Ws in life:
What someone is next to or near
Who they are near or with
When they were near something or someone
and even inferring Why
Not knowing where employees or assets are located cost businesses billions every year in excess spending. Specifically in lost time, excess communication, coordination problems, real time knowledge for constituents and it’s all perfectly preventable.
With the advancement of technology which demands more of our attention, Folr is your unobtrusive and autonomous solution to drive productivity.