Paddle, a London, UK-based provider of a payments infrastructure for SaaS companies, acquired ProfitWell, a Boston, MA-based provider of subscription metrics and retention automation software.
The amount of the deal was over $200M.
With the acquisition, the first of the company following its recent $200m Series D fundraise in April, which valued the firm at $1.4bn, Paddle will continue to operate under its existing brand for the foreseeable future as the two companies work to integrate their respective products throughout 2022. All employees and offices across Boston, Salt Lake City, and Rosario will be retained, and a number of senior executives will join Paddle’s leadership team. Patrick Campbell, CEO of ProfitWell, will become Paddle’s Chief Strategy Officer; CPO Facundo Chamut will become Chief Product Officer; and Chief Revenue Officer Peter Zotto will join the commercial leadership team at Paddle while continuing in his role for ProfitWell.
Led by CEO Patrick Campbell, ProfitWell helps subscription companies with revenue automation by providing tools that automatically reduce cancellations and optimize their monetization. Its free subscription financial reporting tools serve over 30,000 B2B and B2C subscription companies, including Autodesk, Canva, Masterclass, and Asics. The company has 90 employees across offices in Boston, Salt Lake City, and Rosario.
Led by CEO Christian Owens, Paddle enables companies to use their payments infrastructure to respond faster and accurately to every growth opportunity. The company has 275 employees and serves over 3,000 software sellers in 245 countries and territories globally.
FinSMEs
30/05/2022