Rhodes Edge buys Singapore asset-tracking start-up Folr
September 8, 2015
Rhodes Edge, a Virginia-based data analytics and security firm, has acquired Singapore geo-location tracking start-up Folr for an undisclosed sum. Folr’s serial entrepreneur CEO Josh Konowe will join the board at Rhodes Edge.
Rhodes Edge will add Folr’s technology into its current product offerings of Roses and ReCheck providing a cost-effective smartphone and web system that tracks the geographical movements of assets, whether people, vehicles or 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.”
The Folr mobile application, installed on an iOS or Android device, updates a business administrator on the location of assets using a combination of Wifi, GPS and cellular 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 enployees are only tracked during specified work hours.
“It feels good to have a moment like this without having to raise a huge amount of financing,” said Konowe. “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.”
Folr is a portfolio company of venture builder Sugar Ventures. As with all its other portfolio firms, Sugar was on-board 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.”
Konowe added: “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. 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 USA who has done this before and who has a product suite we feel is incredibly complementary.”
Founded by serial entrepreneurs Fearon and Mark Hon, Sugar Ventures is a venture builder with dedicated teams in Singapore, Washington, Cape Town, Hanoi, Bangkok and London.