WAY Systems Closes $22 Million Series C Financing
WAY Systems Closes $22 Million Series C Financing Austin Ventures Leads Round That Includes Previous Investors Bessemer Venture Partners, GIV Venture Partners and Visa Inc.
Boston, MA, December 23, 2007 --(PR.com)-- WAY Systems, makers of innovative Mobile POS terminals, announces that it has raised $22 Million in series C financing from a syndicate of investors led by Austin Ventures with participation from Bessemer Venture Partners, GIV Venture Partners and VISA Inc. Funds will be used to support WAY’s continued growth.
“We believe WAY Systems has added a great new partner in Austin Ventures. Together we’re focused on expanding our industry leadership in the mobile point of sale market. This financing allows us to deliver new and innovative offerings to our merchant customers. We expect to see continued rapid growth over the coming years and will continue to work closely with our world class distribution partners to satisfy increasing demand for our products domestically and overseas,” said Fred Gumbel, CEO of WAY Systems.
As part of the round Austin Ventures Partner Michael Rovner will join the company’s board of directors.
"Our Financial Services practice spent a great deal of time studying the payments processing market. Our efforts identified WAY Systems as the clear leader in the mobile point of sale market and we are excited about partnering with the company’s world class management team and board of directors. WAY’s patented technology and pocket-sized form factor are key differentiators in the market place. The growth capital we are providing will allow WAY to expand its suite of products and to fully capitalize on its leading position in this high growth market,” said Michael Rovner, Austin Ventures Partner.
WAY Systems also announced that it has raised its PCI DSS level of compliance from a level three service provider to a level one. The achievement of this compliance issued by the Payment Card Industry Council is further evidence of WAY’s continued evolution as a comprehensive end-to-end solution provider.
About WAY Systems, Inc.
WAY Systems, a provider of Mobile POS solutions and manufacturer of Truly Mobile POS devices, offers the most technologically advanced solution, which fits in the palm of the user’s hand. WAY Systems has gained recognition for its award-winning end-to-end payment solution for acquirers, payment processors and POS resellers that allows merchants to take secure transactions anytime, anywhere. WAY’s Mobile Transaction Terminal has been adopted by virtually all leading processors, payment gateways, and hundreds of banks and ISOs across the country.
The company’s unparalleled support for merchants and channel partners defines a new paradigm in the distribution model for payment systems. WAY Systems is the exclusive licensee of Accessor™ technology from Fractal Commerce Inc. for pocket-size mobile merchant point of sale devices. This technology is protected by worldwide patents and patents pending.
About Austin Ventures
With $3 billion under management across nine funds, Austin Ventures has provided startup and growth capital to emerging companies for over twenty years. They partner with exceptionally talented entrepreneurs and operating executives to build valuable businesses in a variety of technology and service industries. They invest nationally but maintain a particular focus on Texas and the Southwest, where they are the region's most active investor. Their team of investment professionals works with companies at every stage of the funding lifecycle, from initial seed investments, through startup and growth capital, to management-led buyouts and recapitalizations. Austin Ventures brings a long-term investment perspective, broad experience in building high-growth companies, and access to an unparalleled network of entrepreneurs and executives. Visit austinventures.com for more information.
Press and Community Relations Inquiries
Please contact Kim Paschall, Director of Communications, at +1.512.485.1955, or kpaschall@austinventures.com
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“We believe WAY Systems has added a great new partner in Austin Ventures. Together we’re focused on expanding our industry leadership in the mobile point of sale market. This financing allows us to deliver new and innovative offerings to our merchant customers. We expect to see continued rapid growth over the coming years and will continue to work closely with our world class distribution partners to satisfy increasing demand for our products domestically and overseas,” said Fred Gumbel, CEO of WAY Systems.
As part of the round Austin Ventures Partner Michael Rovner will join the company’s board of directors.
"Our Financial Services practice spent a great deal of time studying the payments processing market. Our efforts identified WAY Systems as the clear leader in the mobile point of sale market and we are excited about partnering with the company’s world class management team and board of directors. WAY’s patented technology and pocket-sized form factor are key differentiators in the market place. The growth capital we are providing will allow WAY to expand its suite of products and to fully capitalize on its leading position in this high growth market,” said Michael Rovner, Austin Ventures Partner.
WAY Systems also announced that it has raised its PCI DSS level of compliance from a level three service provider to a level one. The achievement of this compliance issued by the Payment Card Industry Council is further evidence of WAY’s continued evolution as a comprehensive end-to-end solution provider.
About WAY Systems, Inc.
WAY Systems, a provider of Mobile POS solutions and manufacturer of Truly Mobile POS devices, offers the most technologically advanced solution, which fits in the palm of the user’s hand. WAY Systems has gained recognition for its award-winning end-to-end payment solution for acquirers, payment processors and POS resellers that allows merchants to take secure transactions anytime, anywhere. WAY’s Mobile Transaction Terminal has been adopted by virtually all leading processors, payment gateways, and hundreds of banks and ISOs across the country.
The company’s unparalleled support for merchants and channel partners defines a new paradigm in the distribution model for payment systems. WAY Systems is the exclusive licensee of Accessor™ technology from Fractal Commerce Inc. for pocket-size mobile merchant point of sale devices. This technology is protected by worldwide patents and patents pending.
About Austin Ventures
With $3 billion under management across nine funds, Austin Ventures has provided startup and growth capital to emerging companies for over twenty years. They partner with exceptionally talented entrepreneurs and operating executives to build valuable businesses in a variety of technology and service industries. They invest nationally but maintain a particular focus on Texas and the Southwest, where they are the region's most active investor. Their team of investment professionals works with companies at every stage of the funding lifecycle, from initial seed investments, through startup and growth capital, to management-led buyouts and recapitalizations. Austin Ventures brings a long-term investment perspective, broad experience in building high-growth companies, and access to an unparalleled network of entrepreneurs and executives. Visit austinventures.com for more information.
Press and Community Relations Inquiries
Please contact Kim Paschall, Director of Communications, at +1.512.485.1955, or kpaschall@austinventures.com
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Contact
WAY Systems
John Malone
781-569 2313
www.waysystems.com
John Malone
781-569 2313
www.waysystems.com
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