The amount of the deal was not disclosed. In conjunction with the transaction, Folr CEO Josh Konowe will join the board at Rhodes Edge.
The Folr mobile application, installed on an iOS or Android device, unobtrusively updates a business administrator on the location of assets using a combination of Wi-Fi, GPS, and cell tower triangulation. Its features make it easy to gather information from anyone using the app or desktop administration tool. Privacy parameters ensure staff is only tracked during specified work hours.
The acquisition will enhance the capabilities of the Rhodes Edge product suite adding geo-location tracking technology into its current product offerings of ROSES and RECheck providing a smartphone and web solution that tracks the geographical movements of assets (people, vehicles, items).
Folr is portfolio company of venture builder Sugar Ventures.
Led by Dawn Young, President, Rhodes Edge is a Virginia-certified Small, Woman and Minority (SWaM) company and certified Woman-Owned Small Business (WOSB) providing solutions and services to increase security, awareness, and the ability to identify vulnerabilities and fraud from within organizations and from outside entities. By accessing and analyzing a multitude of official, primary-source, social media and proprietary data sources, the company offers a complete picture of an individual or entity, leading to better decision making through increased awareness and knowledge.