SOURCE: Bessemer Venture Partners
MENLO PARK, CA--(Marketwire - Sep 7, 2012) - Yesterday MasterCard Inc. acquired Redwood City-based Truaxis for an undisclosed sum. Truaxis has developed the leading technology platform for distributing merchant funded reward programs through financial institutions. The company also operates the Billshrink.com web site for helping consumers reduce their bills by analyzing and identifying their usage of common household services like wireless, credit cards and gas.
The acquisition by MasterCard generated exceptional returns for the investors and employees. "Schwark and Samir did a great job identifying the needs of merchants and banks in this emerging sector of local e-commerce," said Bessemer partner David Cowan, who has served on the company's board since its founding. "We can't wait to see what Schwark invents next."
Originally named BillShrink, the company was started in 2007 by Yodlee co-founder Schwark Satyavolu while an EIR at Bessemer Venture Partners. Bessemer seeded and incubated the project for about a year, while Schwark recruited his co-founder Samir Kothari from TrialPay and the initial development team. In 2008, Gus Tai from Trinity Venture led the Series B round and also joined the board.
"David was exactly the kind of partner you want in a startup -- an active investor who always challenges me, but in a supportive way," said Schwark Satyavolu. "We simply wouldn't be here today without Bessemer."
About Bessemer Venture Partners
Bessemer Venture Partners (BVP) is a global venture capital firm with offices in Silicon Valley, Cambridge, Mass., New York, Mumbai and Herzliya, Israel. BVP delivers the broadest platform in venture capital spanning across industries, geographies, generations and stages of company growth. From Staples to Skype, VeriSign to Yelp, LinkedIn to Pinterest, BVP has helped incubate and support companies that have anchored tidal shifts in the economy. More than 100 BVP-funded companies have gone public on exchanges in North America, Europe, and Asia.