Achex, Inc. Secures $18 Million in Series A Round of Financing.Business Editors/Technology Writers SOUTH SAN FRANCISCO South San Francisco, city (1990 pop. 54,312), San Mateo co., W Calif.; inc. 1908. South San Francisco has several industrial parks; its manufactures include medical supplies and equipment, foods, paint, paper products, consumer goods, and clothing. , Calif.--(BUSINESS WIRE)--June 22, 2000 James D. Robinson III James Dixon Robinson III (born 1935) was the chief executive officer of American Express Co. from 1977 until his retirement from that company in 1993. He attended Woodberry Forest School and is a 1957 graduate of Georgia Tech's School of Industrial Management where he was a member , General Partner at RRE RRE Red Rock Eater (News Service) RRE Road Race Engineering RRE Remote Roof Easy RRE Residential Real Estate RRE Rise-And-Run-Length Encoding RRE Royal Radar Establishment (Great Britain) Ventures, and Jennifer Fonstad, Director at Draper Fisher Jurvetson Draper Fisher Jurvetson (DFJ) is a venture capital firm based in Menlo Park, California with affiliate offices in more than 30 cities around the world and over $4.5 billion in capital commitments. , Named to the Achex Board of Directors Achex, Inc., an innovator in online payment solutions, today announced the completion of its Series A round of financing, raising a total of $18 million. The capital will be used to further develop Achex payment services for consumer-to-consumer, consumer-to-business, and business-to-business Internet payments. The investment was led by RRE Ventures, a leading NY-based information technology venture capital firm, Draper Fisher Jurvetson, a leading Silicon Valley venture capital firm, and First Data Corp. (NYSE NYSE See: New York Stock Exchange : FDC FDC - Floppy Disk Controller ), a leader in electronic commerce and payment services. "We are very pleased to welcome these leaders in the electronic payments and e-commerce fields to the Achex team," commented Terry Allen-Rouman, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Achex, Inc. "The funding partnership with RRE, Draper Fisher Jurvetson and First Data will help us launch additional Achex services more quickly and accelerate our market development efforts with merchants and other strategic partners." "By bringing to market the technology and services that will make payments over the Internet as simple and secure as it is to write a check, Achex is poised to be a driving force that furthers the acceptance and wide use of eCommerce," remarked James D. Robinson III of RRE Ventures. "RRE Ventures is looking forward to working with Achex, Draper Fisher Jurvetson and First Data to successfully bring to market a service that furthers the viability of eCommerce for both consumers and businesses." Board of Directors Appointments Achex, Inc. also announced the appointments of James D. Robinson III and Jennifer Fonstad to the company's Board of Directors. CEO Terry Allen-Rouman and Scott J. Levokove, Managing Director of IncuBay, L.L.C. will continue to serve on the Achex Board of Directors. James D. Robinson III is a founder and General Partner at RRE Ventures. Previously, he served as chairman and chief executive officer of the American Express American Express (NYSE: AXP), sometimes known as "AmEx" or "Amex", is a diversified global financial services company, headquartered in New York City. The company is best known for its credit card, charge card and traveler's cheque businesses. Company from 1977-1993. Mr. Robinson is currently a director of Bristol-Myers Squibb Bristol-Myers Squibb (NYSE: BMY), colloquially referred to as BMS, is a pharmaceutical corporation, formed by a 1989 merger between pharmaceutical companies Bristol-Myers Company, founded in 1887 by William McLaren Bristol and John Ripley Myers in Clinton, NY (both were , the Coca-Cola Company, Cambridge Technology Partners, Concur Technologies, eCoverage, NetVendor, Sunbeam Corporation, Qpass and Returns Online. He is also a director and chairman of the Executive Committee of First Data Corporation. Jennifer Fonstad is a director at Draper Fisher Jurvetson and she currently serves on the Boards of eBenefits, Global Sight, Ivus, NetZero (Nasdaq:NZRO), Saltare, Troika Networks and Work Exchange. Prior to DFJ DFJ Dysfunkshun Junkshun (Austin, Texas band) , she worked with SensAble Technologies, a start-up pioneering three-dimensional haptics solutions. Ms. Fonstad began her career with Bain & Company. She holds a bachelor's of science cum laude cum lau·de adv. & adj. With honor. Used to express academic distinction: graduated cum laude; 25 cum laude graduates. from Georgetown University Georgetown University, in the Georgetown section of Washington, D.C.; Jesuit; coeducational; founded 1789 by John Carroll, chartered 1815, inc. 1844. Its law and medical schools are noteworthy, and its archives are especially rich in letters and manuscripts by and and a master's of business administration with distinction from the Harvard Business School Harvard Business School, officially named the Harvard Business School: George F. Baker Foundation, and also known as HBS, is one of the graduate schools of Harvard University. . "At Achex, we are fortunate and proud to welcome board members with such unique skills and insight into the payments and eCommerce industries," noted Mr. Allen-Rouman. About RRE Ventures New York-based RRE Ventures (www.rre.com), founded in 1994 by Jim Robinson Jim Robinson may refer to the following people:
About Draper Fisher Jurvetson Draper Fisher Jurvetson (www.dfj.com) is a leader in start-up venture capital, having invested in over 150 high-tech companies. Draper Fisher Jurvetson focuses on information technology businesses with enormous market potential. Draper Fisher Jurvetson's role is to help entrepreneurs achieve their maximum potential through team building, partnerships, advice and support, as well as investments. By pursuing a people-focused approach to venture capital investing, Draper Fisher Jurvetson continues to fund entrepreneurs with the energy, vision, experience, and desire to build great companies. About First Data Corp. Atlanta-based First Data Corp. (NYSE: FDC) is a global leader in electronic commerce and payment services. Serving more than two million merchant locations, more than 1,400 card issuers and millions of consumers, First Data makes it easier, faster and more secure for people and businesses to buy goods and services In economics, economic output is divided into physical goods and intangible services. Consumption of goods and services is assumed to produce utility (unless the "good" is a "bad"). It is often used when referring to a Goods and Services Tax. , using virtually any form of payment; credit, debit, stored-value card or check at the point-of-sale, over the Internet or by money wire. For more information, please visit the company's Web site at www.firstdatacorp.com. About Achex, Inc. Achex, Inc. (www.achex.com) is an Internet payments company that enables simple and secure Internet payments for consumers, small businesses and merchants. Achex has developed a new payment service to leverage the unique opportunities created by electronic commerce. The Achex service, based on patent-pending infrastructure and business processes, leverages the Internet and existing payment networks to transfer funds directly from existing checking accounts in a simple, convenient and highly secure manner. Achex co-founders are payment-systems experts with significant experience designing and implementing payments products and transaction processing architectures for commercial banks, credit-card companies and investment banks. The company's advisory board is composed of payments and security experts, online merchants, venture capitalists and angel investors. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion