ATVF Leads Investment in Commerciant, LP
November 29, 2005 - (Houston, TX) - Aegis Texas Venture Fund LP (“ATVF”) led a $2.5 million venture financing round in Houston-based Commerciant, LP, a leader in wireless handheld payment processing solutions. Also participating in the funding were Accent Texas Fund I, LP and Advantage Capital Texas, Austin-based CAPCOs focused on investing in early stage companies throughout the State of Texas.
Commerciant’s patented technology for mobile check processing makes the company the first in the world to enable both credit card and check processing from the same wireless handheld device.
“Commerciant has by far the best handheld device for wireless credit card processing in virtually any location. With the upcoming introduction of its mobile check processing functionality, Commerciant can offer a solution unmatched by competitors and gain significant market traction”, said Kevin Dragan, Partner and Chief Financial Officer with ATVF. “By establishing new channels of distribution, including agent sales through a company ISO program, Commerciant will continue to build its market share as well as allow its resellers to create new revenue streams, including those from enabling the wireless processing of checks,” said Mansoor Ghori, Managing Director and Chief Investment Officer of Accent Texas Fund.
“This new funding enables Commerciant to put in place the infrastructure it needs to build on its current success and accelerate a widespread market presence”, said Tim Davis, Chairman and CEO of Commerciant. “Our products and solutions, which are second to none, have broad appeal to the numerous sales channels that we are in the process of establishing and expanding.” Commerciant anticipates using the proceeds to significantly expand its marketing, sales, and operations staff as the Company prepares for rapid growth and launch of new products.