Austin Ventures Buys 724 Solutions

Austin Ventures, a Texas-based venture capital firm, has acquired Santa Barbara-based 724 Solutions, a provider of IP-based network and data services. 724 Solutions, said yesterday that Austin will buy the firm for $3.34 per common share. 724 is listed on the Nasdaq, but recently was given a delisting notice from the market after it failed to meet market capitalization minimums. 724 Solutions' development operations are in Canada and Switzerland, but maintains its corporate offices in Santa Barbara. Austin Ventures is a major holder of the firm's stock.