Battery Ventures led a combined growth-equity investment of more than $150m in SaaSOptics and Chargify, 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 investment is intended to accelerate growth at both companies and allow them to further invest in their products.
Led by Tim McCormick, CEO, SaaSOptics is an Atlanta, Ga.-based 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.
Led by Paul Lynch, CEO, Chargify is a San Antonio, TX-based leader in billing and subscription management for B2B SaaS and complex usage and events-based billing, subscription management, payment collections, and data management tools.
Combined, the two companies serve more than 2,000 customers and manage more than $10 billion in customer annual recurring revenue.