Korbyt, formerly RMG Networks, Reach Media Group and Danoo, is an American workplace software and digital signage company. It is headquartered in Dallas, Texas, with additional worldwide offices in the United Kingdom and the United Arab Emirates. Its self-titled platform, Korbyt, provides content management, performance dashboards and data visualization for desktops and mobile devices. The company traces its origin back to an early-1980s digital signage company Symon Communications.
History 2006–2013: Early Years Reach Media Group was founded in 2006 as Danoo and received financial backing from Kleiner Perkins Caufield & Byers, DAG Ventures, National CineMedia and Tennenbaum Capital Partners. In July 2009, Danoo acquired certain assets of IdeaCast, thus expanding its consumer base to fitness clubs and airline passengers."Danoo acquires IdeaCast to put ads in gyms and airplanes", VentureBeat, July 6, 2009. In August 2009, the company renamed itself RMG Networks"Danoo + Ideacast Relaunch As Reach Media Group", DailyDOOH, August 19, 2009. and appointed Garry McGuire to take over as CEO from Aileen Lee."Danoo lands new chief executive for digital out-of-home ads", VentureBeat, July 22, 2009.
2013–2018: Transition to RMG Networks The company went public via a reverse merger with SCG Financial Acquisition Corp. in April 2013, which allowed being re-listed on NASDAQ as RMG Networks at $10 per share.Digital signage biz RMG Networks goes public at $10 a share in reverse merger, Venturebeat, April 8, 2013RMG goes public with reverse merger, San Francisco Business Times, April 8, 2013 The same month, the company acquired Symon Communications, a digital signage company founded in 1980, for $45.5 million. As a result, RMG moved its headquarters from San Francisco to the Dallas metropolitan area, the previous location of Symon Communications.RMG Acquires Symon Communications, Mediapost, April 22, 2013
The same month, RMG Networks was named a winner for the Queen’s Award for Enterprise in International Trade 2013, received for three consecutive years of "outstanding export growth", and its representatives attended a celebratory reception at Buckingham Palace for the occasion in July.
2018–Present: Going private and re-branding By 2018, RMG was facing challenges as a publicly-traded company. As a result, executive chairman Gregory Sachs and an equity firm Virgo Capital issued a proposal to take the company private, which sparked an internal dispute and an alternative recapitalization proposal from Hale Capital Partners, Inc. When in August 2018 the latter proposal did not pass, three out of six RMG board members resigned. Later in 2018, RMG agreed to be acquired by Virgo Capital and Sachs Capital Group, making the company privately-owned.
In September 2020, RMG appointed Silicon Valley software executive Ankur Ahlowalia as chief executive officer. On September 23, 2020, RMG announced re-branding to match the name of its core product, Korbyt.
See also
Digital signage
References