Wednesday, September 1, 2010

Austin Ventures Gets Loss In WAY Systems

Venture capital firm Austin Ventures has saw an exit in its portfolio today in WAY Systems, a Boston-based developer of mobile, point-of-sale (POS) software for merchants, as VeriFone said today that it has acquired WAY. However, it looks to be a loss for Austin Ventures, as VeriFone said it was only paying $6M dollars upfront plus an additional $3M in earn-out payments for the assets of WAY Systems. WAY had raised over $50M in funding from Bessemer Venture Partners, Austin Ventures, and Lighthouse Capital Partners.