updated 10/19/2010 5:45:30 AM ET 2010-10-19T09:45:30

PORTLAND, Ore., Oct. 18, 2010 (GLOBE NEWSWIRE) -- ELC Technologies, a leading consultancy and development company of next generation Internet and mobile application technologies, today announced its acquisition by new investors comprised of Kamran Pourzanjani, CEO and founder of BestCovery.com and former co-founder and CEO of PriceGrabber.com; and Omid Rahmat, former CEO of Tom's Hardware, a popular technology Internet publication.

Omid Rahmat has been named the new CEO of ELC and will take charge of the company's management and strategic direction as ELC expands its leadership position in the Web and mobile application markets.

ELC is recognized as a market leader for its work in cloud computing applications development, Ruby on Rails consultancy, and mobile strategies and applications. The company was recently honored by Inc. Magazine's 29th annual Inc. 500, an exclusive ranking of the nation's fastest-growing private companies.

"The pace of technology development has increased significantly and it is essential to quickly react to market needs with cost effective and robust applications," said Omid Rahmat, CEO of ELC. "We will leverage ELC's unique capabilities and its exceptional pool of talented developers to help our clients and partners, whether established enterprises or new entrepreneurial businesses, to quickly react to market needs and to achieve maximum success."

ELC was founded by Jonathan Siegel, a serial entrepreneur who worked with the ELC team to build and found three key products: RightCart, RightScale and RightSignature. Siegel has accepted a venture partner position at Accel Partners in London, but will continue to play an advisory role to ELC as it looks to broaden its services.

"An explosion in cloud-based applications and services, coupled with an expanding universe of Web-enabled devices are creating a vast array of opportunities," said investor, Kamran Pourzanjani. "ELC is uniquely positioned to help entrepreneurs and enterprises capitalize on these opportunities as it has proven itself by consistently meeting the demands of fast paced and dynamic Web and mobile environments for a broad range of clients."

About ELC Technologies

Founded in 1991, ELC Technologies enables businesses worldwide to take full advantage of their opportunities in mobile, cloud and Web applications. The company's clients draw from more than a decade of sophisticated Web application development experience and rely on ELC as a guide and partner when planning and executing strategic application deployment. ELC Technologies has one of the world's largest and most experienced Ruby on Rails teams and provides more than 400 years of combined application development experience in all programming languages that are relevant today. ELC's clients include Fortune 500 companies, major professional sports leagues, and universal media conglomerates. ELC Technologies is headquartered in Portland, Oregon. For more information, visit www.elctech.com .

About Kamran Pourzanjani

Kamran Pourzanjani is the founder and CEO of Bestcovery.com. He is also co-founder and former CEO of PriceGrabber.com and was responsible for the company's operations, strategic direction and growth. His vision fostered a culture of success and achievement at PriceGrabber, making the company one of the leading online shopping comparison sites with over 24 million monthly unique users. Under Mr. Pourzanjani's leadership, PriceGrabber received the "Internet Company of the Year" award from the Southern California Software Council, and was recognized as one of the fastest growing companies in the nation, according to both Inc. Magazine and the "Deloitte Technology Fast 500." In recognition of his achievements and company's performance Mr. Pourzanjani was named Ernst & Young's "Entrepreneur of the Year" for the Business Services category.

About Omid Rahmat

Omid Rahmat is the CEO of ELC Technologies. Previously he was CEO of Tom's Guides Publishing, publisher of Tom's Hardware Guide, one of the most successful publications online. Tom's Guides was sold to BestofMedia in 2007. Previously, Mr. Rahmat was VP of Corporate Strategy and Communications at Expertcity (now called Citrix Online), developer of GoToMeeting and GoToMyPC. He has more than 15 years experience in senior management of high tech companies.

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