Turns out that Ticketleap deal created one more startup - Technical.ly Philly

Business

Sep. 20, 2017 12:17 pm

Turns out that Ticketleap deal created one more startup

The idea behind R.O.S.S. started out as an internal project at the company. Now it's a standalone fintech startup led by cofounder Jordan Yaker.

Screenshot of the new startup's website.

(Courtesy photo)

Following Ticketleap’s acquisition by NYC-based Patron Technology, a group of six staffers were laid off.

A couple of them have already found new gigs, but former Senior Software Engineer Jordan Yaker went and created his own: The technologist is the cofounder of a fintech startup startup R.O.S.S.

Yaker, 36, told Technical.ly the minimum viable product is up and running, in the hopes of onboarding the first customer within the next month and making a splash this November at the WebSummit megaconference.

But what does R.O.S.S. do? Here’s the main pitch behind the platform:

“A lot of companies that deal with multi-sided transactions (think resellers or online marketplaces) have difficulty tracking the balance of payments and creating an audit trail,” Yaker told Technical.ly. “It’s a big data problem. R.O.S.S. can help companies handle transactions in a never-ending stream instead of in ‘buckets’ or ‘batches.'”

At its core, R.O.S.S. was an internal project that started in January. Though the financial intricacies aren’t 100 percent finalized, the tech that drives the system has been “transferred” to Yaker so he may work on building out the platform. Akos Tolnai, COO, is the startup’s second employee.

Yaker also shared some insight on his final days at Ticketleap.

“The good thing about Ticketleap is that it’s a tight-knit community of people that care about each other,” Yaker said. “That didn’t change with news of the acquisition. People who knew they’d be laid off just kept doing their work as usual and scoped out their next moves.”

Often times, the comments section on our stories provide very interesting context for moves like the Ticketleap acquisision/spinout combo (known to some as the “Philly shuffle”). With R.O.S.S. and Port coming out of the storied Philly startup, Arcweb Technologies CEO Chris Cera’s words on the climate at Ticketleap ring true:

“Many other ‘startups’ were incubated inside Ticketleap over the years (Venmo, Capography, Met, Port, and presumably others that died before they made the news),” Cera wrote. “Around the same time while I was at Traffic.com — we were prohibited from any kind of ‘side hustle’ or else the company owned whatever you created. Props to the founders and leaders of Ticketleap throughout the years for leading by example when it comes to employee-friendly policies that promote more entrepreneurship in the city.”

-30-
LEAVE A COMMENT

Advertisement

Comcast Roundup: An acquisition, layoffs and a DC deal

Practice got acquired by Instructure. Here are the details

Why Evolve IP just acquired New Jersey’s Clearlogin

SPONSORED

Philly

Vistar Media’s tech stack is not for the faint-of-heart

Philadelphia

Azavea

Software Engineer, Geospatial Insights Team

Apply Now
Philadelphia

Clarivate Analytics

Senior UI Developer

Apply Now
Philadelphia

Clarivate Analytics

Cloud Ops Engineer

Apply Now

A Belgian company will buy KoP’s Radial in a $820M bid against Amazon

Benjamin’s Desk and 1776 are negotiating a merger: report

The Meet Group to scoop up German dating app for $70 million

SPONSORED

Philly

Grow your small business with Salesforce at this Jan. 10 event

Chesterbrook, PA

Deacom, Inc.

ERP Business Consultant

Apply Now
Philadelphia

Azavea

Business Development Manager

Apply Now
Chesterbrook, PA

Deacom, Inc.

Data Consultant

Apply Now

Sign-up for regular updates from Technical.ly

Do NOT follow this link or you will be banned from the site!