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CEO-in-Residence
For a number of years, Austin Ventures has identified investment themes in industry segments experiencing dynamic growth due to strong markets or markets experiencing disruption, thereby creating significant opportunities for entrepreneurial companies. In early 2003, AV initiated our CEO-in-Residence program, where we partner with proven, entrepreneurial CEOs to pursue value-creation opportunities in segments of mutual interest.
Rather than reacting to opportunities that come to us, we proactively seek to buy and build companies in markets where our CEO partners have deep experience. We have found it to be mutually rewarding to partner with talented CEOs before we have refined the investment thesis or found an initial target entry point and to shape our investment efforts around the skill set and focus of those executives. We work closely with our CEO partners by assisting with deal flow, supporting the recruitment of their team, driving due diligence efforts, refining investment and business strategy, and providing extensive transaction expertise.
Several AV Partners are continually developing investment themes and simultaneously seeking out uniquely talented executive entrepreneurs with whom to partner in this program. Jeff Browning, our Recruiting Partner, leads our effort from a recruiting process perspective. We are continually looking for CEOs to work with us in several areas:
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All of our CEO-I-Rs have been successful in both large and small company environments. They have a blend of deep operating experience and entrepreneurial leadership and spirit. We have been highly successful in our unique approach of partnering with these CEOs. Please meet our CEO-I-R partners:
Jim Casella
Former COO of IDG and CEO of Reed Business Information-US, a division of Reed Elsevier (NYSE: ENL), one of the "big five" of worldwide information services, Jim Casella began working with Austin Ventures in early 2007 to identify opportunities to "buy and build" in the high growth business-to-business media and publishing industries. In 2008, Austin Ventures acquired Asset International, a global financial information provider for pensions, asset management, and banking services. Jim assumed the position of CEO.
Back to CEO-I-R ListCotter Cunningham
Former COO of Bankrate (NASDAQ:RATE), Mr. Cunningham began working with Austin Ventures in 2007 as CEO of Smallponds, an Internet media startup. He is currently working with AV to dramatically expand the company by pursuing acquisitions in consumer e-commerce and digital media.
Back to CEO-I-R ListJeffrey Dachis
Former co-founder, CEO, President and Chairman of Razorfish, Mr. Dachis recently began working with Austin Ventures to form Dachis Group, which will focus on creating an industry leading strategic consulting practice and an enterprise class Social Software-as-a-Service (SaaS) suite. AV has committed up to $50 Million in capital to support management’s strategy to build and grow organically and through acquisition. Mr. Dachis will serve as Chairman and CEO for the new firm.
Back to CEO-I-R ListElisabeth DeMarse
Former senior executive at Bloomberg and CEO of BankRate (NASDAQ: RATE), Elisabeth partnered with us in late 2005 to pursue opportunities in digital media, which led to the acquisition of All Star Directories and CreditCards.com in October of 2006. Elisabeth is a board member and shareholder of All Star Directories, a leading publisher of online career school directories. In addition, Elisabeth became CEO of CreditCards.com, the country’s leading comparison shopping site for credit cards, upon our closing of the acquisition.
Back to CEO-I-R ListTom Golub
Former President and CEO of the Hobbs Group, a commercial insurance brokerage, which he successfully grew from $3 million in revenue to $120 million and eventually sold to Hilb, Rogal and Hamilton (NYSE:HRH) in 2002. Tom acquired a new platform in 2003 and later partnered with Austin Ventures in 2004 to begin aggressively building a new insurance brokerage called Beecher Carlson focused on providing specialized risk management to large commercial clients. Beecher Carlson is now the fastest growing insurance brokerage over the last three years through a combination of both strong organic and acquisition growth.
Back to CEO-I-R ListScott Harmon
Former CEO of AlterPoint, a venture-backed leader in Network Configuration and Compliance software, where he helped orchestrate a strategic sale to Versata in early 2009. Prior to that, he was co-founder and CEO of Motive Communications for 9 years, during which time he helped grow the business from zero to nearly $100MM in revenues and led the company to a successful IPO in 2004. Scott recently partnered with Austin Ventures to form Brazos Software, which will provide growth opportunities for well-established, category-leading enterprise software companies. Scott will serve as CEO for the new firm.
Back to CEO-I-R ListBill Razzouk
Former COO of Federal Express (NYSE: FDX) and CEO of PlanetRx, Bill joined the CEO-in-Residence program in 2003. In 2004 Bill sourced our investment in ReTrans, a leading intermodal freight management company, where he is a Board member and shareholder. In March 2005 he became CEO of Newgistics, our largest supply chain services investment and the leader in returns management for remote retail and consumer electronics companies.
Back to CEO-I-R ListKevin Rodgers
Former founder and CEO of NES Rentals, a nationwide general rental company, completed more than 45 acquisitions in six years and grew sales and EBITDA to approximately $700 million and $215 million, respectively. Prior to forming NES, Kevin was CEO of Brambles Equipment Services, Inc., during which time Brambles went from start-up to over $100 million in sales. Kevin is currently the co-founder and CEO of Delta, a provider of wire rope, rigging and lifting equipment. Kevin partnered with Austin Ventures in 2008 to continue executing a strategy of acquiring and integrating regional market leaders to make Delta a scalable, industry-leading platform.
Back to CEO-I-R ListBrian Sharples
Former CEO of Intelliquest (FTSE: WPP.L), a publicly traded, highly successful information services company in the AVIII portfolio, Brian joined us in early 2004 to pursue opportunities in information services. Our partnership led to the formation and growth of HomeAway Vacation Rentals, where he currently serves as CEO. HomeAway is now the leading vacation rental subscription listing site and has over 130,000 properties listed throughout the world.
Back to CEO-I-R ListRon Sorrow
Former co-founder and CEO of RoadLink USA and former CEO of CSX Intermodal, Mr. Sorrow partneredwith AV in October 2008 to form AVRON Partners, Inc., a new supply chain services acquisition and strategic business development company. Ron will lead the new organization as its President and CEO. The new venture will concentrate on acquiring and strategically expanding companies within the supply chain services, transportation logistics, and distribution sectors.
Back to CEO-I-R ListBob Stull
Former President and CEO of Roadway Express (NASDAQ: YRCW), a leading less-than-truckload carrier and one of the largest transportation companies in the U.S., Bob has been working with Austin Ventures since late 2006. In 2008, Bob launched Port Logistics Group, a leading nationwide provider of warehousing, distribution and transportation services in U.S. port cities.
Back to CEO-I-R ListRob Wechsler
Former Executive Vice President and head of Global Sales and Services at Chase Paymentech Solutions (“CPS”), the world’s largest payments solutions company, Mr. Wechsler began working with Austin Ventures in 2008 to identify opportunities to provide growth capital and strategic assistance to merchant service providers (“MSPs”) in the payments processing market. In 2008, Austin Ventures acquired three companies and subsequently formed Century Payments, Inc. Rob assumed the position of CEO.
Back to CEO-I-R ListLogan Wray
In August 2009, Logan Wray entered into the CEO-in-Residence program at Austin Ventures with an investment thesis focused on creating value in the maturing enterprise software markets. As co-founder and CEO of High Brace Software, Logan brings his financial and operational leadership in acquiring and running software companies along with significant experience in the telecommunications, infrastructure and integration markets.
Back to CEO-I-R ListIf you are a talented executive who would like to learn more about our program and approach to partnering with like executives, be actively considered for such a role, or have a brief discussion with the partners at AV about a unique business idea, we encourage you to reach out directly to Jeff Browning.