Commerciant Secures $2 Million Venture Funding From Texas Investors

New funding allows for expansion of marketing, sales, and operations as company prepares for rapid growth and launch of new products

HOUSTON, TX , November 29, 2005:  Commerciant, LP, a leader in wireless, handheld payment processing solutions, today announced it has secured $2 million in venture financing from new investors, Houston-based Aegis Texas Venture Fund, LP (Aegis TVF) and Austin-based Accent Texas Fund I, LP.  This financing brings the company’s total capital raised to date to over $12 million.  Commerciant will use the new capital to expand its marketing, sales and operations to meet growing demand for wireless payment processing solutions.

“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 Aegis TVF. “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’s patented technology for check processing will make the company the first in the world to enable both credit card and check processing from the same wireless handheld device.  ISOs and agents for the company will now be able to reap new revenue streams through a Commerciant solution that targets previously unserved and under-penetrated market segments.

Commerciant is a Houston Technology Center Client Company.

About Aegis Texas Venture Fund, LP 
Aegis Texas Venture Fund focuses on investing in early to mid-stage Texas companies. The Aegis investment approach is to identify emerging trends within various sectors prior to recognition from the broader marketplace, and then to help work with the entrepreneurs who have the desire, talent and determination to build their companies.  For additional information, visit its Web site at www.aegistvf.com.

 About Accent Texas Fund I, LP 
Accent Texas Fund I, LP is an Austin-based venture capital firm focused on investing in high-growth companies primarily throughout the State of Texas .  With more than a combined 70+ years of operational, industry and investing experience, Accent seeks to provide its portfolio companies growth funding and operational guidance to help them build and grow successful ventures.  www.accentcap.com

About Commerciant®, LP 
Commerciant, LP, is a market leader in the wireless handheld payment processing industry. Commerciant provides authorization, settlement, wireless access, and its low cost, hand held MobileScape® terminal capable of performing remote credit card processing under a single contract. Powered by POSware®, the MobileScape terminal delivers highly customizable mobile business process services. www.commerciant.com

About Houston Technology Center 
Houston Technology Center (HTC) is a business accelerator that assists Houston-based emerging technology companies in key sectors such as: Energy, Information Technology, Life Sciences, Nanotechnology and NASA-originated technologies.  See www.houstontech.org for more information.

Contacts:
Hubert Vaz-Nayak 
Commerciant, LP
713-735-5525
hvaz-nayak@commerciant.com

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Author: Hubert Vaz-Nayak
Phone: (713) 735-5525
Email:
Category: client companies