Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
The provider of sales and marketing services to businesses is focusing more on its online employee and customer-training systems.
Rainmaker Systems Inc. helps companies manage sales and marketing efforts to business customers through call centers, sales agents and training videos designed for a company's customers as well as its own employees.
The company last week said it raised more than $2.5 million in a convertible note financing, with net proceeds of about $2.3 million after fees. Rainmaker says it used part of the proceeds to pay debts owed to Comerica Bank and Agility Capital II LLC.
Rainmaker says it will also increase its focus on ViewCentral, a Rainmaker subsidiary that provides learning management software to various types of businesses, including companies in financial services, biosciences and human resources. ViewCentral’s product line includes a Training-for-Profit software application that the company offers under a software-as-a-service model, which lets clients log on to the software through a web browser instead of maintaining it on their own computer network.
Rainmaker didn’t elaborate on how it might use its new capital to improve or expand ViewCentral’s products.
ViewCentral works with its clients to build subscription-based programs under which other companies pay to use online training materials, which can cover how to use a ViewCentral client’s new technology products.
Rainmaker also said last week that it has begun a search for a new president and CEO, following the July 15 resignation of Don Massaro, who was chairman as well as president and CEO.
Board member Jim Hopkins, a 30-year veteran of small and midsized technology companies, has been named interim president, CEO and chairman. Hopkins was most recently CEO of Certara, a provider of software and services to pharmaceutical companies, which he left in late 2013 after it was sold to New York private equity firm Arsenal Capital Partners.
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