Monday, June 1, 2009

Austin Ventures Commits $50M For Brazos Software

Austin Ventures is committing $50M in funding to create a new software firm, which the company is calling Brazos Software Corporation. According to Austin Ventures, the new venture will concentrate on "acquiring and strategically expanding" well-established software companies. The new firm will be headed by Alterpoint veteran Scott Harmon, and former Trilogy exec Sean Fallon. Harmon was most recently CEO of Alterpoint, and also was co-founder and CEO of Motive Communications. He also served at Tivoli Systems. Fallon was most recently CFO and head of M&A at Trilogy, Inc. The new investment in the two executives is not the first for Austin Ventures this year, which made a similar investment in acquisition play Century Payments in January.