|[January 26, 2005]
Paymetric Announces $7 Million Funding From Austin Ventures; John Thornton and Mike Rovner of Austin Ventures Named to Board of Directors
HOUSTON --(Business Wire)-- Jan. 26, 2005 -- Paymetric Inc., the leading provider of SAP-integrated payment card solutions, announced today that it has successfully completed a $7 million Series A financing led by Austin Ventures. Paymetric will use the funds to support continued product innovation, sales growth and market expansion.
John Thornton, general partner, Austin Ventures, and Michael Rovner, principal, Austin Ventures, have also joined the Paymetric board of directors. "Paymetric offers best-in-class business solutions and dedicated customer care backed by a world class leadership team. Strength in these critical areas has enabled Paymetric to generate impressive results, including 100% customer retention and strong revenue growth," said Mr. Rovner. "These attributes made Paymetric an attractive investment for Austin Ventures."
According to industry analyst Alenka Grealish with Celent Communications, "Commercial card transactions are expected to grow from $520 billion worldwide in 2004 to nearly $1.5 trillion in 2010. Businesses have recognized that commercial cards can generate significant financial and operational efficiency gains. To realize these gains, however, companies must overcome fragmented data and workflows issues, which have in the past diluted their gains from payment card initiatives."
Paymetric has been successfully serving Fortune 1000 customers for more than six years by providing solutions that integrate payment card transactional data and workflows with ERP-enabled business operations. Customers new to Paymetric in 2004 include Goodyear Tire & Rubber, The Washington Post, Guidant Corporation, Wilson Sporting Goods, W.R. Grace, Kellogg, BOSE Corporation, Ciba Vision, DuPont, Boston Scientific, Rayovac, Mont Blanc, and Konica Minolta. The company plans to utilize this round of financing to expand sales operations and deliver several new and innovative corporate payment solutions over the course of 2005.
"Paymetric solutions continue to attract interest from prospects, industry analysts and the press," said Steven Putney, Paymetric president and CEO. "As the only vendor offering SAP-integrated payment card solutions for both buy-side and sell-side transactions, Paymetric is uniquely able to help businesses transform payment challenges into an effective financial supply chain strategy."
About Austin Ventures
Austin Ventures has been working with talented entrepreneurs to build valuable companies since 1979. With $2.4 billion under management, AV is the most active venture capital firm in Texas, and one of the most established in the nation. With a focus on enterprise software, computer and communications hardware, and business services, Austin Ventures invests at all stages of company development, from $100,000 "planned experiments" to $50+ million investments in management buyouts. For more information, visit www.austinventures.com.
About Paymetric Inc.
Paymetric enables organizations to benefit from payment cards by integrating payment card buying and selling functions directly into the financial supply chain. Paymetric solutions leverage and extend SAP capabilities to streamline procurement, sales and accounting operations. Paymetric customers benefit by reducing their cost structure, mitigating risk, improving cash flow and expanding revenue opportunities. Paymetric is an award-winning SAP partner and certified SAP developer. SAP has accredited Paymetric's XiPay and MasterCard SmartLink solutions with SAP Certified Integration. Paymetric, established in 1998, is headquartered in Houston, and is an Austin Ventures portfolio company.
To learn more about Paymetric:
-- Visit the Web site, www.paymetric.com
-- E-mail firstname.lastname@example.org
-- Or contact them directly at 713-895-2000
[ Back To Technology News's Homepage ]