The venture capital firm Austin Ventures said Thursday that it has bought three merchant processors and will combine them to create a Dallas company called Century Payments Inc.
Austin Ventures also said it had committed up to $50 million of equity capital for additional acquisitions and organic growth for the new company.
It bought Symplicity Payment Solutions LLC of Tampa, Beta Payments LLC of Dallas, and Novera II LLC of Atlanta. All three companies conducted business across the United States, a spokeswoman for Austin Ventures said in an e-mail.
Austin Ventures said it has hired Robert Weschler, a former executive vice president and head of global sales for Chase Paymentech Solutions LLC, as Century Payments' president and chief executive.
"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," Mr. Weschler said in a press release.
Chase Paymentech, a joint venture of JPMorgan Chase & Co. and First Data Corp., was split in November, with 51% going to JPMorgan Chase and the rest to First Data. (The private equity company Kohlberg Kravis Roberts & Co. acquired First Data in September 2007.)
Austin Ventures, with $3.9 billion under management, focuses on growth companies in markets including business services, media, computer hardware and software.
