Private Equity News & Analysis

Austin Ventures hires Dell exec(3)

Former Dell executive Joe Marengi will advise Austin Ventures’ portfolio companies in the IT sector.

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Austin Ventures has hired former Dell executive Joe Marengi as a partner. Marengi will work with the firm’s IT portfolio companies, as well as evaluate investment opportunities in the sector.

Marengi oversaw Dell’s operations in the Americas, with a focus on the company’s corporate and public institution customers. Before, he was president and chief operating officer of Novell, a software company that makes network operating systems.

“AV has always had significant investments in the enterprise IT markets and we believe that Joe’s background can be immensely helpful to these companies,” Austin Ventures general partner Venu Shamapant said in a statement.

In particular, Marengi will work with LifeSize Communications, Sipera Systems and Copan Systems. 

Austin Ventures was founded in 1979, and currently manages $3 billion. The firm closed its ninth fund on $525 million (€384 million) in 2005. The firm originally focused on venture capital, but in the last few years has made several buyout bids.

The firm is the second to add a Dell executive to its roster this month. TPG hired former Dell president and chief executive Kevin Rollins as a senior advisor.