ActionTrac

ActionTrac

Employee engagement, performance, and recognition solutions

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Security Type
Crowd Note
Categories
Other
Min Investment
$100
Location
San Diego, CA
Offering Date
January 07, 2019
Expected Close Date
February 25, 2019
Target Raise
$25.00K
Deal Notes

Security Type: Crowd Note

Discount: 20%

Conversion Provisions: In connection with equity financing of at least $1,000,000, the Company has the option to convert the Crowd Note into non-voting preferred units (Conversion Units) at a price based on the lower of (A) a 20% discount to the price per Preferred Unit paid by investors in the Qualified Equity Financing or (B) the price per unit paid on a $4 million valuation cap. Please refer to the Crowd Note for a complete description of the terms of the Crowd Note, including the conversion provisions.

Company Description

Employee engagement, performance, and recognition solutions

Key Deal Facts

Since January 2018, users have increased 351%, from 1,114 to 5,021
Signed distribution agreement to integrate its software with ADP’s application marketplace, providing potential exposure to ADP’s client base of more than 740,000 businessesi
Chosen by CIO Review as one of the 20 Most Promising Productivity Solution Providers - 2018
Customers include Omni Hotels and NV5, an engineering firm

Use of Proceeds

*see offering page

Management Team / Advisory Board Bios

Hal Wendel - Founder and CEO
Hal founded ActionTrac in 2017 and has served as CEO since. In addition to leading ActionTrac, he also currently serves as Vice President at Brand Embassy, an omnichannel cloud-based customer service channel. Prior to ActionTrac and Brand Embassy, Hal worked for numerous companies in executive roles such as Chief Revenue Officer of NobelBiz, Vice President of Sales and Marketing at Voice Print International, and Vice President of Sales and Marketing at ThinkPassenger Inc. He also has prior experience in a startup environment, working as Vice President of Consulting Sales at Oblix, a startup which was later acquired by Oracle.xv Hal holds a bachelor’s degree in Economics from the University of Washington and an MBA from the London Business School.

Alan Schnepf - Director of Client Relations
Alan joined ActionTrac in January 2018 as the Client Services Manager. Prior to joining ActionTrac, he worked for nine years as an independent consultant helping clients with communications, client relations, digital marketing, software, and project management. In addition to his experience as an independent consultant, Alan also worked for more than 10 years as a writer for several newspapers. He has a bachelor’s degree in Journalism from Southern Illinois University, Carbondale.

Bhaskar Basu - Director of Engineering
Bhaskar joined ActionTrac in 2017 as the Director of Engineering. Prior to joining ActionTrac, he worked for more than 10 years in programming and software development. He has experience with programming languages including: Visual Basic, LAMP environment, javascript, and PHP. Bhaskar also has experience working with databases such as MySQL and MariaDB. He has worked for several startups and large companies such as Coca Cola and GE. Bhaskar has a bachelor’s degree in chemistry from the University of North Bengal.

Deal Notes

Security Type: Crowd Note

Discount: 20%

Conversion Provisions: In connection with equity financing of at least $1,000,000, the Company has the option to convert the Crowd Note into non-voting preferred units (Conversion Units) at a price based on the lower of (A) a 20% discount to the price per Preferred Unit paid by investors in the Qualified Equity Financing or (B) the price per unit paid on a $4 million valuation cap. Please refer to the Crowd Note for a complete description of the terms of the Crowd Note, including the conversion provisions.

Amount Raised : $10,475
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The "CrowdScore" for this deal is determined by user ratings and other factors using our proprietary algorithm.
The overall viability and scalability of the business concept as well as the ability to drive the concept to profitability over time.
Business Idea
The progress made thus far in demonstrating that the business has viability, a customer base or other business traction.
Business Traction
The experience of the management team in running, scaling and/or exiting a business that required similar skills to execute the business plan.
Management Team
The value of the company compared to similar companies raising money from investors.
Valuation

Security Description

A Crowd Note modifies the typical convertible note so that the crowd does not automatically convert to equity shareholders on the next financing and remain off the issuer’s capitalization table, but the crowd will still participate in any exit as if they had converted to equity. If there is no future financing, the holders of the Crowd Note still have upside, but could miss out significantly.

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