Battery Ventures has led a growth investment of more than $150 million in two financial software companies SaaSOptics and Chargify. The capital will be used by both companies for growth and product development.
PRESS RELEASE
SAN FRANCISCO–(BUSINESS WIRE)–Battery Ventures, a global, technology-focused investment firm, today announced it led a combined growth-equity investment of more than $150 million in two complementary, cloud-software platforms that manage billing and automate related financial functions including payments, revenue recognition and analytics for software-as-a-service (SaaS) companies.
The two companies, SaaSOptics and Chargify, together are trusted by more than 2,000 customers and manage more than $10 billion in customer annual recurring revenue. Some of the world’s most high-profile SaaS brands use SaaSOptics and Chargify to power their subscription billing and financial operations. The Battery investment is intended to power growth at both companies and allow them to further invest in their products.
Battery has extensive experience making growth-stage, financial-technology investments, including in companies selling cloud software to corporate CFOs, including Avalara, Coupa, Intacct (now part of Sage), AuditBoard, Soldo and Carta. Today, SaaS subscription management and revenue management services are growing rapidly given the broader transition to subscription-based software. The growth also reflects the push by many SaaS CFOs to streamline financial functions like billing, invoicing, and revenue recognition—and tap their internal financial data for key metrics to help them better serve customers and boost revenue.
“We are thrilled to partner with both SaaSOptics and Chargify, each of which has built a powerful business in their respective financial-software markets,” said Chelsea Stoner, a Battery Ventures general partner. “Both companies’ growing businesses highlight the fact that today’s software companies require more robust billing and revenue solutions, driven in large part by new, usage-based, cloud models. We are excited to invest in more innovative products that help all software companies better manage their businesses.”
SaaSOptics, based in Atlanta, Ga., is a B2B subscription management platform that specializes in automating the financial operations of SaaS companies by streamlining the order-to-revenue process and automating revenue recognition; invoicing and payments; and subscription analytics and metrics.
Chargify, based in San Antonio, Tex. and also a leader in billing and subscription management for B2B SaaS, specializes in complex usage and events-based billing, subscription management, payment collections, and data management tools.
“We are very excited to partner with Battery Ventures. SaaSOptics is committed to delivering end-to-end financial operations solutions that enable subscription commerce,” said Tim McCormick, CEO of SaaSOptics. “With Battery’s deep expertise and success in partnering with cloud-based financial management software companies, we see a huge opportunity to transform the subscription management market. This vision provides a complete financial operations platform across business models: B2B, B2C; regardless of billing structure: fixed price, tiered, seat-based or events-based and any combination of the above.”
Paul Lynch, CEO of Chargify, added: “With Battery’s history of partnering with prominent SaaS businesses, the firm recognizes the massive potential in the subscription-management space. Industries are shifting to subscription, as well as usage and event-based business models, and our solutions allow those industries to monetize and optimize customer value.”
About SaaSOptics
SaaSOptics is a subscription management platform that automates financial operations for growing B2B SaaS businesses. A cloud-based solution, the SaaSOptics platform allows businesses to pull accurate SaaS metrics and analytics quickly, scale billing and payments smoothly and automate GAAP/IFRS-compliant revenue recognition. Businesses built on SaaSOptics eliminate their risky dependency on spreadsheets and streamline financial operations. SaaSOptics is easy to use, trusted by investors, within reach for early-stage startups and provides a streamlined implementation process.
About Chargify
Founded in 2009, Chargify has helped thousands of businesses manage millions of offers that drive billions in annual revenue. Chargify removes billing bottlenecks and gives front, corner, and back-office teams the speed and flexibility to grow faster.
Over the past decade, Chargify has continued to expand its offerings to address the complexities of the entire subscription lifecycle: recurring billing, subscription management, revenue retention, prepaid subscriptions, revenue operations, and events-based billing. The company has headquarters in San Antonio, Texas and Dublin, Ireland. Learn more about Chargify at www.chargify.com.
About Battery Ventures
Battery partners with exceptional founders and management teams developing category-defining businesses in markets including software and services, enterprise infrastructure, online marketplaces, healthcare IT and industrial technology. Founded in 1983, the firm backs companies at all stages, ranging from seed and early to growth and buyout, and invests globally from six strategic locations: Boston; San Francisco and Menlo Park, Calif.; Herzliya, Israel; London; and New York. Follow the firm on Twitter @BatteryVentures, visit our website at www.battery.com and find a full list of Battery’s portfolio companies here.
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