Aria Systems Inc., a Media, Penn.-based provider of on-demand billing and customer management services, has raised $4 million in Series A funding led by Hummer Winblad Venture Partners. Get more info.
Aria enables businesses with diverse markets and services to manage and control all of their recurring revenue processes, including registration, provisioning, metering, billing, invoicing, and ongoing customer management. Since its start in 2003, Aria has added more than 30 clients to its customer rolls and signed 21 significant agreements with integration and distribution partners. RBC Capital Markets predicts that the SaaS market will grow at a 43% compound annual growth rate (CAGR) to be $28 billion by 2010.
“We're honored to have a firm with the reputation of Hummer Winblad recognize the business we've built and the opportunity that lies ahead,” said Ed Sullivan, Aria's CEO and founder. “Software as a service is making companies reevaluate their relationships with legacy vendors. Salesforce.com proved the model for CRM and we are seeing similar demand from customers for SaaS-based billing and customer management.”
Hummer Winblad managing director Mark Gorenberg will join Aria's Board of Directors. Aria is Hummer Winblad's fourteenth SaaS investment.
“Aria has proven that it can win major clients and build strong partnerships in the gaming and SaaS markets,” said Gorenberg. “We also see longer-term opportunity for Aria across other industries with recurring billing requirements, industries such as telecommunications, insurance and utilities. Our investment will help Aria win in these markets like they've done with SaaS and gaming.”
About Hummer Winblad Venture Partners
Hummer Winblad Venture Partners was created in 1989 as the first venture capital firm focused exclusively on software. As the software industry grew from PC software to enterprise computing to Internet applications, Hummer Winblad has been at the forefront — funding the entrepreneurs and ideas that helped define these markets. The firm's goal is to provide the capital, experience, and vision that will enable its companies to become leaders in this new software economy. For more information on Hummer Winblad, visit www.humwin.com .
About Aria Systems
Aria Systems, based in