Austin Ventures to Invest in Payment and Transaction Processing Sectors

Austin Ventures, today announced that Ty Miller, a financial services industry veteran, will join the firm as a Venture Partner to pursue investments in the transaction and payment processing sectors. Austin Ventures and Miller are actively evaluating numerous opportunities in this space.

“We are excited about our partnership with Ty,” said Blaine Wesner, general partner. “Austin Ventures has made a number of investments in this sector to date, and we believe a substantial opportunity exists in Texas and nationally for both technology-driven and services-centric businesses. Ty has a wealth of experience and contacts that are extremely valuable to high-growth companies.”

Miller’s industry experience includes 28 years at Bank One, where he served as President and CEO of Bank One Global Treasury Services (GTS) until the business merged with JPMorgan Chase in the summer of 2004. He reported directly to CEO Jamie Dimon and served on the Planning Group, Bank One’s 13-member executive management committee. GTS provides a comprehensive range of payments and transaction processing services to businesses across the globe. Prior to GTS, he was Chairman and CEO of Bank One, Texas NA. Mr. Miller served as a director of Paymentech LLC, a leading merchant processing and electronic payments company, Visa USA, and was on the Executive Committee of The Clearing House, New York. He currently serves as Chairman of Paymetric, Incorporated and of eCommLink, Incorporated and is a director of Corillian Corporation.

“Austin Ventures has committed significant capital and intellectual resources to this venture, and we’re confident that our combined experience and market knowledge provides the right platform to build a successful portfolio,” said Mr. Miller. “We’re interested in partnering with outstanding management teams to provide capital and experience in order to build great companies.”