Leading investment firm Battery Ventures has spearheaded a total investment of more than 150 million on two cloud-based software platforms that manage billing management and the automation of financial issues like revenue recognition analytics and payments for SaaS companies. The fund that focuses on technology made a bet on Chargify and SaaSOptics that have an aggregate customer base of 2,000 and manage the annual recurring revenues for clients.
These companies provide to leading brands around the world to help drive their subscription and financial billing processes. The acquisition by Battery hopes to drive forward growth for both entities as well as providing them with the cash to encourage new investments in their core product. Battery has a long-standing experience when it comes to fintech investments for companies that are in the growth phase and includes companies that sell cloud-based applications to CFOs and corporate clients. It has names like Intacct (now inside Sage), Avalara, AuditBoard, Coupa, Soldo and many more. SaaS revenue management and subscription management solutions are experiencing rapid growth, especially in light of the move to subscription-based software.
Recent trends in growth also point to the need to streamline the financial operations of SaaS CFOs. They handle the invoicing process, revenue recognition and billing. They also leverage internal data to improve customer service and revenue. Based on a general Partner of Battery Ventures, Chelsea Stoner It is a wonderful experience to collaborate with these businesses since they have developed robust companies in their respective areas. This is an indication of the need for improved services for billing and revenue across all software companies, mostly through usage-based and new cloud-based models. Stoner stated how exciting the prospect of investing in new solutions that allow more efficient business management for all software companies.
SaaSOptics is located at Atlanta, Ga, and is an industry-leading B2B platform for managing subscriptions with a focus on the automation of financial operations for SaaS companies by managing order-to-revenue processes as well as revenue recognition. They also handle invoices, payments, as well as analytics and metrics for subscriptions. Chargify is headquartered at San Antonio, Texas, and is the market leader in billing and subscription management within the same industry. They also manage payments collection, data management and event-based billing.
As per the chief executive of SaaSOptics, Tim McCormick, SaaSOptics is thrilled to collaborate in partnership with Battery Ventures while remaining committed to providing solutions for all-inclusive financial functionsthat allow for more efficient subscription-based commerce. He also noted that Battery has a vast amount of experience and success in linking together with the top cloud-based businesses which specialize in the field of financial management. However there is a potential to change the market for subscription management. McCormick stated that the plan revolves around a huge platform for financial functions in different segments, including B2B and B2C, regardless of fixed pricing, billing structure or event-based arrangements and much more.
The CEO of Chargify, Paul Lynch, declared the following: Battery has a long history of collaborating with the top companies in the SaaS sector, and it is aware of the potential for the future in the area of subscription management. He also said that a variety of industries are already shifting to a subscription-based model when taking a look at structure based on usage and events. He added that their innovative solutions allow businesses to increase and maximize what they refer to as the value of their customers.
SaaSOptics is an online subscription management system that streamlines financial operations for expanding B2B SaaS companies. A cloud-based service SaaSOptics is a cloud-based solution. SaaSOptics platform lets businesses obtain exact SaaS metrics and data quickly as well as scale payments and billing easily and efficiently automate GAAP/IFRS-compliant revenue recognition. Companies built on SaaSOptics remove their risky dependence on spreadsheets, and can streamline the financial processes. SaaSOptics is user-friendly and is a trusted investment tool accessible to startups in the early stages and has a simplified installation procedure.
Since its inception in 2009, Chargify has helped thousands of companies manage millions of offers that generate billions of dollars in annual revenue. Chargify eliminates bottlenecks in billing and offers front, corner and back-office teams with the agility and speed to increase their productivity.
In the last decade, Chargify has continued to extend its offerings to deal with the challenges of the whole cycle of subscriptions such as regular billing as well as subscription management the retention of revenue, prepay subscriptions revenue operations, and event-based billing. Chargify is headquartered at San Antonio, Texas and Dublin, Ireland.
About Battery Ventures
Battery collaborates with outstanding managers and founders to create business models that are defining the market, including services and software such as enterprise infrastructure online marketplaces and healthcare IT, as well as industrial technology. The company was founded in 1983. company supports companies in all stages, from the beginning of seeding and early stages to buyouts and growth and invests across six strategically chosen areas: Boston; San Francisco and Menlo Park, Calif.; Herzliya, Israel; London as well as New York.