Rand Capital Provides $1.5 Million of $5 Million Follow-on

New Post Public Reply Private Reply Replies (0) Message Board
News Desk 2018
510
Rand Capital Provides $1.5 Million of $5 Million Follow-on Investment in Tilson Technology Management, Inc.

BUFFALO, NY --(Marketwired - December 12, 2017) - Rand Capital Corporation ( NASDAQ : RAND ) ("Rand"), a venture capital company which invests in growth businesses with unique product, service or technology concepts, announced that it recently funded a $1.5 million follow-on investment in Tilson Technology Management, Inc . ("Tilson"). Consisting of an infusion of both equity and debt capital, Rand's investment was part of a $5 million total D round financing to support Tilson's growth.

Tilson is an award-winning, veteran-owned IT professional services and network deployment firm. The company primarily operates in two fast growing markets: 1) network deployment for cellular carriers, utilities, and governments; and 2) consulting for construction IT, broadband and energy, and government institutional markets. Recognized for its sustained high growth, Tilson has been on the prestigious Inc. 5000 list of fastest-growing private U.S. companies for seven consecutive years, from 2011 through 2017. As a result of this distinction, Tilson joins a select group of firms on the Inc. 5000 'Honor Roll,' a milestone which just two percent of the Inc. 5000 companies ever achieve, according to the publisher. Tilson has grown more than 410% to become one of the top 25 telecommunications firms on the list as of 2016.

Daniel P. Penberthy, Rand's Executive Vice President, commented, "One of the tenets of our investment strategy is to align with qualified and experienced management teams. We are proud of Tilson's CEO, Josh Broder, who was named as a 'Top Young Professional' in New England and one of America's 'Top 20 Under 40' professionals in commercial engineering and construction, both awarded by Engineering News-Record (ENR). ENR is a long-standing periodical for these industries, celebrating 100 years in 2017. Under Josh's leadership, the company has been awarded the U.S. Small Business Administration's (SBA) 2017 Veteran Owned Small Business of the Year Award for Maine and New England. Funding for our investment was provided by Rand's subsidiary, which derives its capital from the SBA. Both Tilson's SBA award and this financing evidence the SBA's commitment to support high growth veteran-owned businesses in underserved markets."

Joshua Broder, Tilson's Chief Executive Officer, added, "This recent financing round, including Rand's and the SBA's ongoing support, is a critical part of Tilson's future growth. Over the past year or so, we have added approximately 150 employees to our team, putting us at nearly 400 currently, to service our customers and execute our increasingly large projects. We have around $100 million in new network construction backlog, and see growing opportunities ahead. We are building America's information infrastructure. Last week we broke ground on a $4 million intelligent transportation network for a state department of transportation, and this week we completed a design for a large city scale fiber optic network. It's exciting to be on the leading edge of the information economy."

Including this transaction, the cost of Rand's investment in Tilson is $2.5 million, which was invested in three separate financings.

ABOUT TILSON TECHNOLOGY MANAGEMENT, INC. Founded in 1996 and based in Portland, ME, Tilson Technology Management, Inc. is an information technology professional services and network construction company. It is the world leader in executing information and communications technology projects. Tilson has a team of telecom, information technology and energy professionals that work collaboratively on meaningful, impactful projects for clients. Fifty percent of its employees are U.S. veterans. The company builds infrastructure for sectors that drive the economy and connect the world. More information can be found at https://tilsontech.com/ .

ABOUT RAND CAPITAL Rand Capital ( NASDAQ : RAND ) provides investors the ability to participate in venture capital opportunities through an investment in the Company's stock. Rand is a Business Development Company (BDC), and its first wholly-owned subsidiary is licensed by the U.S. Small Business Administration (SBA) as a Small Business Investment Company (SBIC). Its second SBIC is undergoing the approval process with the SBA. Rand focuses its equity investments in early or expansion stage companies and generally lends to more mature companies. Rand looks for strong leadership who is 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: http://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.

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

Scroll down for more posts ▼

Top 10 Most Recent News Articles

Celina Graves Joins Expanding GoLive Streamers Platform

Updated Category News Views 3

Celina Graves Breaks New Ground on GoLive Streamers You'd think television capture all the talent buzz, but nope. Celina Graves, known from her semifinalist run on America's Got Talent, is diving into new waters by joining GoLive Streamers. She's stirring up the scene by making her performances more personal, stretching beyond the flatness of your typical TV appearance....

Continue Reading
Elevest's Fund 70: High Hopes in Dallas Tower Deal

Updated Category News Views 4

Aiming High in the Heart of Dallas Rolling the dice in downtown Dallas isn't for the faint-hearted, but Elevest Capital is strutting in with swagger. Their 70th fund acquisition—a 229-unit high-rise—is rocking the highest going-in cap rate the firm has ever snagged at 6.4%. Built in 2007 and lounging at a comfy 93% occupancy with zero concessions, this property sure...

Continue Reading
RiskScout Rides High on Funding, Tackles Financial Crime

Updated Category News Views 4

A Fresh Injection to Combat Financial Crime Capital's flowing into RiskScout's coffers thanks to a new funding round, and it's not just about cash—it’s about gearing up for a battle against financial crime. The round was led by LiveOak Ventures, who aren't new to the block, alongside other players like Castle Creek Launchpad and Alloy Labs. After tripling their...

Continue Reading
Schneider Electric Pushes Water Management Tech at WEFTEC

Updated Category News Views 11

Looks like Schneider Electric is diving headfirst into the choppy waters of utility management with its latest tech showcase at WEFTEC 2026. And trust me, the timing couldn't be more spot-on. With North America's water and wastewater systems groaning under the weight of aging infrastructure and cybersecurity threats, it’s about time someone brought something fresh to...

Continue Reading
Colson Group Expands with Algood Acquisition

Updated Category News Views 6

A Big Move in Mobility Solutions Put on your seatbelts, because Colson Group is steering into a new lane with its acquisition of Algood Caster Innovations. This ain't just any pickup—it's a smart move that could ramp up their North American manufacturing clout and mobility solutions. You know, mergers like these don't come around by accident. Colson sees something...

Continue Reading
Perkins Rolls Out Mahjong to Revive Family Bonds

Updated Category News Views 7

Perkins Ditches the Phones, Sparks True Connection No doubt about it, folks—Perkins Restaurant & Bakery has cooked up something special to bring families back to the table. Not just for pancakes or pies this time, but for a little classic game action with their limited-edition Mahjong set. Love it or leave it, this is Perkins tapping into the magic of togetherness...

Continue Reading
Appy Pie Secures Patent for AI Driven App Building

Updated Category News Views 3

A New Dawn in App Creation You ever think about a world where creating an app is as straightforward as chatting with an old buddy? Well, that future's knocking at the door, courtesy of Appy Pie. They're ruffling feathers with a shiny new U.S. patent promising just that—apps whipped into shape by a bit of chitchat with their AI-powered platform. It's got folks scratching...

Continue Reading
Klydoclock's Bold Move: Licensing International Boost

Updated Category News Views 3

Revolutionizing Timekeeping with Art There’s this clock outfit, Klydoclock, that’s flipping the script on how we see time and art melding together. You see, they’ve taken those static old tick-tock reminders of the hour and juiced 'em up with animated art, turning your wall clock into something more akin to a mini art exhibit right in your living room. Ever heard of...

Continue Reading
Derek Pesta Shines: Forbes Top Wealth Advisors 2026

Updated Category News Views 4

An Unwavering Dedication to Clients Every once in a while, the industry tips its hat to someone who truly knows what they're doing. Derek Pesta, head honcho at Pesta & Pesta Wealth Management, has landed on the 2026 Forbes Top Next-Gen Wealth Advisors Best-in-State list. It’s not just a pat on the back; it's a solid nod to the way he runs his game. You know it’s big...

Continue Reading
Class Action Lawsuit Hits Desert Resort Management

Updated Category News Views 4

Desert Resort Management in Labor Hot Seat Alright, here's a twist that might make your coffee spill—Desert Resort Management, Inc. is caught in a legal whirlwind in Riverside County. The heavy hitters at Blumenthal Nordrehaug Bhowmik De Blouw LLP have slapped a lawsuit right in their face, alleging some grimy labor practices. They're claiming that the company wasn't...

Continue Reading

Top 5 Most Recently Viewed Articles

Shell's Strategic Share Buybacks: A Closer Look at Actions

Updated Category News Views 151

Understanding Shell's Recent Share Buyback Activity Shell plc has recently announced a significant transaction involving the purchase of its own shares as part of a long-term strategy to enhance shareholder value. In the latest development, the company engaged in buying back shares, which reflects its commitment to optimizing its capital structure and providing returns to...

Continue Reading
Day Out's Seasonal Snacks Tackle Fall Favorites

Updated Category News Views 19

Dessert Delights Turned Protein Snacks There's that familiar autumn nip in the air, and here comes Day Out Snacks riding in with flavors that would make any fall lover's mouth water. Apple Pie and Pumpkin Cheesecake have strutted right onto the virtual shelves starting August 17. For anyone with a seasonal sweet tooth hunting for something that won't wreck the waistline,...

Continue Reading
Epic Blue Marketing Emerges as a Prominent Agency for Growth

Updated Category News Views 232

Epic Blue Marketing Redefining Small Business Success In an environment filled with agencies, Epic Blue Marketing is establishing itself as a transformative presence. This creative agency has shifted the narrative for small business marketing, making it easier and more effective. What began as a two-person initiative founded by passion has blossomed into a substantial...

Continue Reading
Commercial Real Estate: Managing Interest Rates in 2024

Updated Category Real Estate Views 540

Introduction: Understanding Rising Interest Rates in 2024 The CRE market is an operative and volatile industry that depends on several factors that reflect and determine its performance: one of the most significant ones is interest rates. Finally, as from 2024 there is a relatively high risk of raising interest rates that has an impact on investors, developers and other...

Continue Reading
New Affordable Rental Housing Initiative Announced by Canada

Updated Category News Views 168

Affordable Housing Expansion in Canada Canada is taking significant steps to address its ongoing housing challenges, emphasizing the urgent need for affordable housing solutions. A recent announcement revealed funding for a new project aimed at offering affordable and sustainable housing to its citizens. This initiative, named O'Shea Place, will be situated on O'Shea Road...

Continue Reading