announces Third Round Funding for Austin firm offering breakthrough technology support solutions for community financial institutions. Funding to date now totals almost $2 million.
AUSTIN, Texas (PRWEB via PR Web
Direct) Aug. 11, 2005 -- Abound Resources, Inc. of Austin, Texas, which
offers breakthrough technology support solutions for community financial
institutions (CFIs), has successfully completed its Series C funding round.
Capital infusions for the young firm, formally launched in May, are now
approaching $2 million.
"We take great pride in the confidence shown by our investors in all three rounds of funding," said Brad Smith, President of Abound Resources and a 15-year veteran of community bank technology. (Photo: www.aboundresources.com/smithpicture.jpg "Based on the low flow of private equity to bank-focused, technology firms in the past several years, we are extremely pleased with achieving our funding goals. These funds will be used to scale-up our operations, to increase market penetration and to develop additional products."
Abound Resources www.aboundresources.com, a member of the Independent Bankers Association of Texas, has 14 employees and associates and now serves nine customer banks in three states. The company’s web-based applications are dedicated to helping CFIs:
* Fully utilize existing technology;
* Control technology costs while staying current and using technology in a cost effective way;
* Deal more efficiently with IT regulations and compliance;
* Improve employee technology education and training.
Board of Directors
Smith, the former head of Deloitte & Touche’s community bank technology consulting practice, is Chairman of the five-member board. He also co-founded Abound Resources and steered the company through all rounds of financing. As a consultant, he served as project leader on more than 150 high-visibility bank technology projects including planning, system design and implementation, vendor selection, merger integration, profitability analysis and process improvement. He is also a frequent speaker at state, regional and national trade associations.
Robert K. Moses, Jr., who recently joined the board, is a private investor in the banking and oil and gas industries. He currently serves on the boards of Weatherford International, a multi-billion dollar oilfield services company which he founded; Grant Prideco, a leading drill pipe supplier; Encore Bank, a community bank in Houston, and three other corporations.
Moses, a highly honored lineman for the University of Texas at Austin in the 1960s as well as a dynamic UT alumnus, is a former board member of Kinkaid School in Houston and Southwestern University, Georgetown, TX; and is a current board member of Cullen Trust for Higher Education and the Methodist Hospital System in Houston.
Other board members include:
* Charles F. Hall Jr., Director of South Texas Money Management, San Antonio. The former CEO of Maxim Bank, a Galveston County community bank, recently served as EVP/Treasurer of Southwest Bank of Texas.
* Bill Wilson of Austin, the Texas Commercial Banking Executive for Wachovia Corporation. The former FDIC examiner is a career banker having served in executive positions in both community and regional banks.
* June Zeplin, co-Founder and Vice President of Support Services of Abound Resources. Zeplin, who has more than 20 years of banking experience, including management positions in retail banking and information systems, previously served as the user support manager for a bank-owned data processing company with more than 30 community bank customers.
The company was founded to help CFIs maximize their technology investments. Its innovative technology support system is based on a new, industry-shaping business model that delivers superior depth and value at an unparalleled price point. Its innovative technology support system is based on a new, industry-shaping business model that allows access at an unparalleled price point. Benefits include the ability to make more confident technology purchase decisions; to achieve savings of as much as 30% on new technology purchases and increased utilization of existing technology by up to 25%.
Free Banker Resources: Abound Resources produces the Community Bank Technology Newsletter, a concise report on actionable information and monthly tips for optimizing technology at the CFI level. It also has developed a "Technology Optimization How-To Kit" for bankers only. It can be obtained by calling 512-231-1750, Ext. 1700 or by going to URL: http://www.aboundresources.com/technology-optimization-kit-offer.htm
About Abound Resources (strategic technology support)
Abound Resources, Inc. of Austin, Texas, offers the first affordable, unbiased technology support solution for community financial institutions. The firm helps community bankers maximize their existing technology, make the best purchase decisions, manage the IT regulatory burden, and save time and money. Its innovative, web-based technology support system allows it to provide strategic, customized support at an unparalleled price point. Breakthrough products include ClickSupport™ and ProjectSupport™. www.aboundresources.com
FOR MORE INFORMATION OR INTERVIEWS:
Brad Smith, President, Abound Resources, Inc., 13740 Research Blvd., Ste. 3, Bldg. S, Austin, TX 78750, 512-231-1750 ext. 1102, bsmith(AT)aboundresources(DOT)com
Jacque Chrisman, The Chrisman Group, Austin TX, 512-345-8969, Jacque(AT)ChrismanGroup(DOT)com
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Source : http://www.prweb.com/releases/2005/8/prweb271963.htm