Princeton eCom, a provider of electronic billing services, has named Curtis R. Welling, former president and chief executive officer of SG Cowen Securities Corp., as its chief executive officer.
Mr. Welling, 51, succeeds Donald C. Licciardello, who announced Thursday he was retiring as CEO to pursue personal interests. Mr. Licciardello, 54, one of the founders of Princeton eCom, will remain chairman of the board.
Last year the company began installing a new set of senior-level executives, including Ronald W. Averett as president and chief operating officer, in preparation for Mr. Licciardellos expected retirement and anticipated growth in electronic pay and presentment. The addition of Mr. Welling as CEO is the final stage of that process.
We have added a president and COO, a CFO, a CIO, and several key members of the senior management team, said Mr. Licciardello, who will stay on in upcoming weeks to help with the transition. Curt Wellings Wall Street experience complements the strengths of the other senior executives.
Mr. Welling started work at Princeton eCom on Wednesday.
The company also announced that it has received a $34 million equity investment from a group of investors led by Mellon Ventures, the private equity partnership of Mellon Financial Corp., and SG Capital Partners LLC, the U.S. merchant banking affiliate of Societe Generale.
Lycos Ventures LP, Bottomline Technologies, BT Investment Partners, and Billing Concepts also participated in the second round of funding.
Mr. Averett said Princeton eCom plans to use the funding to increase staff at its headquarters and expand its regional locations in strategic markets, including Chicago, Austin, Tex., and Ann Arbor, Mich. It will also expand its sales, marketing, and advertising staffs, and develop business-to-business products.
Princeton eCom has raised more than $75 million of capital. Its employee base has more than tripled since March 1999, to 250.