Starting off the new year, many folks are looking for a little bit of change. Well, Portland-based Giftango just started the year with a pretty big one. You see, the company has been acquired by Atlanta-based InComm.
While terms of the deal were not disclosed, it is clear that Giftango will be keeping the Portland office. And, according to the Portland Business Journal, it was a lucrative exit for investors.
“It was a very good exit,” said David Nelsen, CEO of Giftango. “It’s a sizable deal. It was a positive return for our investors.”
What’s Giftango do?
Founded in 2005, Giftango entered digital gifting by providing turnkey solutions to help merchants sell gift cards from their websites. After identifying needs in the fulfillment, customer service and management of gift cards between leading merchants and their largest gift card purchasing partners, Giftango created solutions specifically designed to streamline these processes. Today, more than 150 leading brands deliver digital gift cards through Giftango’s network of more than 80 partners.
This marks another successful exit for the Oregon Angel Fund from the tech startup scene. (CrowdCompass exited last year.) How successful, you ask? Well, according to The Oregonian, it’s OAF’s most profitable exit, to date:
Giftango had raised nearly $7 million in outside investment, most recently a 2010 round. Its backers included the Oregon Angel Fund, which invested $500,000 in 2009, and Taylor Corp., a Minnesota company that specializes in brand marketing.
“This is our most profitable exit,” said Eric Rosenfeld, founder of the Oregon Angel Fund. “We should get over six times our money back, which is just terrific.”
For more information, visit Giftango.