Thursday, April 16, 2009
Austin Ventures Backs Acquisition By Century Payments
Investment firm Austin Ventures announced Wednesday that one of its portfolio companies has acquired National Merchant Solutions. Financial terms of the deal were not disclosed. According to Austin Ventures, the transaction marks the fourth acquisition in four months for its portfolio company, Dallas-based payment services firm Century Payments. Austin Ventures formed Century in January and charged CEO-in-Residence Robert Wechsler with leading the startup as president and chief executive officer. Austin Ventures also pledged up to $50 million to fund further acquisitions and organic growth. Based in Birmingham, Ala., National Merchant Solutions is an independent sales organization that targets retail card-present merchants in the Southeast. Austin Ventures said Century will retain National Merchant's employees.