Ciright Card Services LLC (CCS), an affiliate of the Ciright Companies,
West Conshohocken, PA, last week announced that it has entered into a
definitive asset purchase agreement with GoNow Technologies LLC , to purchase the business assets of GoNow.
GoNow Technologies had received funding from Ben Franklin Technology
Partners SEP, Boston Harbor Angels, Boynton Angles, JumpStart NJ Angel
Network, Maine Angels, and St. John’s Capital LLC. GoNow received $225,000 from Ben Franklin in late 2012; the other amounts of funding received are not known.
Ciright’s purchase price for GoNow, which wasn’t disclosed, is a
combination of cash and equity. The closing of the transaction is
expected to occur by year end, with an interim operating agreement and
exclusive intellectual property license between the parties to take
effect immediately.
GoNow was founded in 2009 by Doug Spodak (who is no longer with the
venture), a veteran of Berwyn-based TruePosition Corp and other
technology ventures. Another former GoNow executive, Joseph O’Neill, has
agreed to serve as Executive Vice President of Business Development for
GoNow.
he Ciright Companies is a West Conshohocken-based entrepreneurial
R&D group which also invests in new ventures, often by contributing
its proprietary technology in return for an equity stake. It was founded
by Joseph Callahan, a North Philly native and Drexel grad, who is
Ciright’s Chairman and CEO.
CCS has rebranded GoNow as the Ciright One card, which is a
microprocessor electronic card. The Ciright One card is a “super smart”
card that allows consumers to consolidate all credit, debit, loyalty and
gift cards into one dynamic electronic card that communicates with a
mobile wallet, Ciright says. “The One card when combined with the One
Mobile Wallet app allows consumers to access all of their cards as the
One card can become any credit, debit, or stored value card in the One
Mobile Wallet “on the fly” which provides the consumer with the
flexibility to pay with the One card or their smartphone,” according to
Ciright.
The One card will be powered by Ciright, which connects One to the
cloud, then the cloud to the enterprise environment. Ciright offers an
infinitely expandable user-implicit, rule-based platform, the company
says.
“We will partner with banks and local credit unions to deliver consumers
the most compelling, feature-rich experience with a mobile wallet to
manage their financial life,” Callahan says.
The card developed by GoNow had previously been piloted with several major banks and a direct to consumer eWallet issue.
Ciright is active in other technology sectors, such as digital signage,
for which the company recruited Scala Inc. (West Chester) veteran Jeff
Porter to develop a new digital signage delivery system. Ciright also
says it has developed a unique cloud-based operating system.
GoNow sounds like a venture with some interesting technology which could
not garner a richer Series A round. There are probably going to be a
number of these assets available soon, leaving opportunites for
companies like Ciright that specialize in minimizing cash use in
pursuing its objectives.
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