Tuesday, October 12, 2010

ELC Technologies Acquired By Pourzanjani, Rahmat

Kamran Pourzanjani, the former CEO and founder of PriceGrabber.com, and Omid Rahmat, the former CEO of Tom's Hardware, have acquired Portland- and Santa Barbara-based ELC Technologies, the development firm founded by Jonathan Siegel. ELC is the firm behind startups RightScale, RightCart, and RightSignature, and also provides technology consulting and development to other companies. Financial terms of the deal were not disclosed. According to ELC Technologies, Rahmat takes the helm of ELC. ELC is known for its cloud computing applications development, and Ruby On Rails development.

Pourzanjani founded PriceGrabber and sold it to Experian in 2005 for $485M, and is among one of the active angel investors in Los Angeles. He currently heads up BestCovery.com. Rahmat was CEO of Tom's Hardware, which he sold to BestofMedia in 2007. As part of the acquisition, ELC founder Siegel joins venture capital firm Accel Partners in London, as a venture partner.

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