Last $0.01 USD
Change Today +0.001 / 7.69%
Volume 99.7K
As of 8:10 PM 11/26/14 All times are local (Market data is delayed by at least 15 minutes).

rainmaker systems inc (RMKR) Snapshot

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11/27/13 - $0.35
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11/13/14 - $0.0085
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rainmaker systems inc (RMKR) Details

Rainmaker Systems, Inc. provides B2B small and medium-sized business sales and service solutions. It develops Rainmaker Revenue Delivery Platform, an integrated solution that combines specialized sales and marketing services coupled with its proprietary, renewals software, and business analytics. The company’s services include marketing strategy development, personalized renewals or subscription e-commerce and microsite creation and hosting, inbound and outbound e-mail, direct mail, chat, and global call center services. It also offers ViewCentral SaaS platform that provides an end-to-end solution for the management and delivery of training and certification programs for corporations. The company markets its products and services through a direct sales force to enterprises in hardware, software, software as a service, and telecommunications industries. Rainmaker Systems, Inc. was founded in 1991 and is headquartered in Campbell, California.

150 Employees
Last Reported Date: 04/1/14
Founded in 1991

rainmaker systems inc (RMKR) Top Compensated Officers

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rainmaker systems inc (RMKR) Key Developments

Rainmaker Systems, Inc. Receives Notice of Default from Investors

On November 6, 2014, Rainmaker Systems Inc. received a notice of default from investors holding revolving line of credit promissory notes in the outstanding principal amount of $200,000 (the Revolving Notes). The notice of default stated that an event of default had occurred under the Revolving Notes as a result of the Company's failure to repay principal when due, and declared all principal and accrued interest outstanding under the Revolving Notes to be immediately due and payable. The Revolving Notes were issued by the Company on September 2, 2014 and permit the Company to borrow up to an aggregate principal amount of $200,000 on a revolving basis, with borrowings due 30 days following the date of each advance. The Company borrowed $200,000 under the Revolving Notes on September 2, 2014 and failed to repay such borrowing within 30 days following the advance date. Amounts outstanding under the Revolving Notes accrue interest at a non-default rate of 5% per annum and a default rate of 7% per annum. At November 6, 2014 accrued interest on the Revolving Notes was $2,176. The Revolving Notes are secured by a second lien on substantially all of the Company's consolidated assets.

Rainmaker Systems, Inc. Announces Management Changes

Rainmaker Systems Inc. announced that on October 16, 2014 the company appointed Terry Lydon as the company's Chief Executive Officer, to succeed James Hopkins, the company's interim CEO since July 15, 2014. Lydon has led the ViewCentral product initiative at the company since September 2006 and has recently served as Chief Operating Officer of the company since September 15, 2014.

Symantec Corporation Files Complaint Against Rainmaker Systems Inc. to Align Breach of Contract

On September 29, 2014, Rainmaker Systems Inc. was served a complaint filed against the company by Symantec Corporation (' Symantec') in the Superior Court of California, Santa Clara County, alleging breach of contract arising from the Master Services Agreement entered into by the Company and Symantec in June 2006, the statement of work entered into by the parties in June 2008 and the Online Store Agreement for SMB and Midmarket Businesses entered into by the parties in June 2010, and seeking payment of unpaid amounts thereunder, plus interest and attorneys' fees and costs.


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