Austin, Texas (Nov. 11, 2003) -- Austin Ventures, a venture capital firm here, acquired a majority interest in Atlanta-based Colonial Tax Compliance Co., a seven-year-old national consulting and tax compliance solutions provider.

Terms were not disclosed.

Colonial Tax offers a trio of services addressing corporate sales and use tax concerns: compliance review and audit, returns preparation, and exemption certificates management.

Concurrent with the financing, John McAteer was named president and chief executive of Colonial. A 30-year veteran of the design and delivery of outsourcing and financial transaction services to the institutions markets, McAteer most recently served as chief operating officer of SHPS Inc., a benefits and medical management outsourcing provider.

Austin Ventures currently has some $2.4 billion under management.

-- WebCPA staff

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