Thursday, January 15, 2009

Austin Ventures Invests $50M In New Firm

Austin Ventures announced Thursday that it has created a company by combining three recently acquired businesses. The Austin-based private equity firm said its new entity, known as Century Payments Inc. and headquartered in Dallas, will provide growth capital strategic assistance to merchant service providers. Austin Ventures noted that it will commit as much as $50 million in equity capital to support additional acquisitions and organic growth. Robert Wechsler, Austin Ventures' CEO-in-residence, will lead the new organization as president and chief executive officer. Wechsler previously served as executive vice president and head of global sales and services at Chase Paymentech Solutions, Austin Ventures added.