Austin Ventures forms payments processing firm

Source: Austin Ventures

Austin Ventures, ("AV"), one of the nation's leading venture and growth capital firms, today announced the acquisition of three companies and the subsequent formation of Century Payments Inc ("CPI") in partnership with CEO-in-Residence Robert Wechsler.

The new company, headquartered in Dallas, Texas, will focus on providing growth capital strategic assistance to merchant service providers ("MSPs") and on building best-in-class sales forces to support our network of distribution partners.

AV has committed up to $50MM of equity capital to support management's strategy of additional acquisitions and organic growth. Mr. Wechsler will lead the new organization as its President and Chief Executive Officer.

"We are excited about the opportunity to partner with Robert to build a unique and innovative payment solutions company that serves the needs of MSPs, distribution partners and ultimately merchants," said Michael Rovner, AV Partner. "Robert is an accomplished executive with an impeccable track record of success in the payments industry. These initial acquisitions are the first of many we will make together as CPI expands its services footprint".

Wechsler is a former Executive Vice President and head of Global Sales and Services at Chase Paymentech Solutions, the world's largest payments solutions company. His senior-level management experience spans two decades and includes notable revenue growth and value creation. Prior to the merger between Chase Merchant Services, LLC and Paymentech, LLP he served as Executive Vice President and General Manager of the national and middle market business units of Chase Merchant Services. During his tenure, Robert built and managed the industry's largest, most productive and most profitable transaction processing salesforce. Prior to joining CPS, Robert served on the management team of Convergent Group (NASDAQ:CVGP), a leading technology firm, where he played a key role in the company's Initial Public Offering ("IPO") and subsequent sale of the company to Schlumberger. Prior to Convergent Group, Robert co-founded and served as Chief Operating Officer of Link2Gov Corporation, the preeminent provider of government transaction processing solutions, which was later sold to Metavante (NYSE:MV).

"I am excited about the opportunity to combine forces with AV and build a premiere payments processing business," said Mr. Wechsler. "AV has a long history of backing experienced executives and their teams and committing the resources and support necessary to build an industry leading company through both organic growth and acquisitions."

AV's relationship with Mr. Wechsler is part of our stated strategy to partner with talented executives with proven track records to build growth companies in attractive markets. AV has a dedicated in-house talent function that identifies executives that want a hands-on partner in building their next business.

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