PALO ALTO, Calif., Oct. 29, 2013 (GLOBE NEWSWIRE) -- eShares, the platform that replaces paper stock certificates with electronic shares, today announced that aisle411 is the first company to use the platform to issue Series A preferred electronic stocks. eShares has issued more than 300 million private company shares on the platform since launching in summer of 2013. By teaming up with aisle411, the company has added 19.5 million additional shares.
"eShares is absolutely brilliant. I think moving stock issuance into the cloud for investors is very innovative. eShares has saved me time, money and most importantly stress," said Matthew Kulig, COO and co-founder of aisle411. "As a co-founder, my focus is to help aisle411 succeed by tracking our investments. Now my investors can view their investments anytime they view their dashboard. It just makes sense to use the eShares platform to manage this process."
aisle411, the leading indoor retail mapping platform used by major retailers across the United States, knew that when they raised $6.3 million in their Series A round that there had to be an easier way to manage stock certificates and investors. The company faced many complexities including that they had re-incorporated in another state, the old certificates were being reissued at a five to one stock split, and the existing common shareholders needed their shares re-issued. Additionally, the company was bringing in new preferred shareholders and wanted to simplify the stock issuance process and certificate tracking for the new investors.
As a leader in innovative technology, aisle411 knew there must be a company that provided a solution to the problem.
How eShares helped:
- eShares was able to upload the existing certificate ledger and generate electronic certificates for millions of shares in seconds.
- eShares set up aisle411 with a dashboard that allowed them to view and sign certificates and generated custom notifications for each shareholder.
- Each shareholder received a secure token by email where they could accept electronic shares and have them deposited in their eShares account.
"We founded the company to make the process of managing shares incredibly easy for private companies," said Henry Ward, CEO and co-founder of eShares. "The process of issuing shares to investors or employees requires many steps and it's easy for paper to get lost or misplaced along the way. When I connected with aisle411, I knew we could make the process easy and save them a lot of stress, money and time along the way."
To learn more about eShares or read more about how eShares and aisle411 are working together, please visit https://www.esharesinc.com/.
About eShares
eShares is the platform that manages the relationship between companies and their owners including investors and employees. The cloud-based technology makes it easy for private companies to convert paper stocks into electronic certificates in seconds. Founded in 2013, the company is based in Palo Alto, CA.