SAN FRANCISCO, CA--(Marketwired - Nov 19, 2013) - Aria Systems, the leader in cloud-based recurring revenue management, announced today that it has raised $40 million in its fourth round of funding. The round was led by Bain Capital Ventures and includes existing investors Hummer Winblad Venture Partners, InterWest Partners, Tugboat Ventures, and Venrock as well as VMware, bringing the total funds raised to date to $83 million.
"Recurring revenue business models represent a massive generational shift in business practices," said Salil Deshpande, managing director, Bain Capital Ventures, and a new board member at Aria Systems. "The market is rapidly growing beyond simple subscriptions to encompass a range of business strategies. Aria Systems' cloud commerce solution for recurring revenue is proven best in class. Their track record for rapidly deploying and supporting high-value recurring revenue businesses for both brand names and emerging leaders is impressive. We're excited that they have chosen Bain Capital Ventures to lead this round of funding."
Recurring revenue models such as subscriptions, usage, tiered services and real-time on-demand consumption have exploded and are now estimated to be a $300 billion market. A wide variety of goods and services are now being monetized on a recurring basis, ranging from software to digital entertainment to multi-million dollar capital equipment to baby supplies. Enterprises around the world are using recurring revenue to expand their markets and maximize customer lifetime value. At the same time, consumers are embracing recurring models because of their convenience and flexibility.
Aria provides one of the key components for managing recurring revenue, a sophisticated multi-service commerce hub in the cloud. With Aria, enterprises can offer their customers many ways to connect with its products and services including by subscription, usage, prepaid, tiers, or freemium. Aria's extensible services orchestrate support across the entire customer relationship and can be easily integrated with popular business applications from Salesforce.com, NetSuite, SAP, Oracle and others, or directly through Aria's Application Programming Interfaces (APIs). In addition, Aria gathers critical behavioral intelligence on customers' service usage to help spot trends and uncover new opportunities for pricing, packaging and bundling of services.
"Our investors know this space and its potential," said Tom Dibble, CEO, Aria Systems. "Recurring revenue in its many forms is fast becoming an essential component of successful businesses across industries and around the globe. This round of funding will allow us to further invest in advancing the most innovative cloud solution for recurring revenue and expand our global customer success operations to ensure that we continue to delight our customers as we grow."
"As a company working on a breakthrough cloud-based telecommunication service for businesses, we needed a recurring revenue solution that would provide not only the essential billing and payment management capabilities, but also help us drive faster growth in our business and deliver a consistently great experience for our customers," said Ori Cohen, CEO, Deutsche Telekom HBS, a wholly-owned U.S. subsidiary of Germany-based Deutsche Telekom. "We looked at other providers, but found significant gaps in their ability to support us. The Aria commerce hub is the only cloud offering we found that met our requirements. The Aria team has been great to work with and we congratulate them on closing this new round of funding."
Aria focuses on enterprises with high-value recurring revenue businesses that require sophisticated solutions. Recent 2013 Aria Systems milestones include new customer wins with Audi, Philips, SAS Institute, Sony, Adobe and Deutsche Telekom, and the deployment of 25 recurring revenue businesses with both brand names and emerging leaders like AAA NCNU, Experian, Telekom Denmark, Blackberry, Vocus, Progress Software, Red Hat and Verizon. In addition, Aria Systems recently opened an international office in London and expanded its headquarters located in San Francisco's emerging Cloud Corridor.
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About Bain Capital Ventures
Bain Capital Ventures' new Palo Alto office led by Managing Directors Salil Deshpande and Ajay Agarwal has made more than a dozen sizable investments (not counting seeds) in less than two years. Bain Capital Ventures, with approximately $4 billion under management and offices in Palo Alto, Boston and New York, is the venture arm within Bain Capital, with $70 billion under management. Bain Capital Ventures raises a new venture fund approximately every three years and is currently investing out of a $660 million stage-agnostic venture fund raised in 2012 in projects ranging from $500K seeds to $50 million growth-stage investments. Deshpande focuses on software infrastructure and led the Aria Systems investment. In the last six years he has invested $105 million in 23 companies including Buddy Media, MuleSoft, Engine Yard, SpringSource, ZeroTurnaround, Dynatrace, Lending Club, Hazelcast, Datastax, and Garantia Redis, and is on the Forbes Midas List of Top Tech Investors.
About Aria Systems
Aria Systems helps leading businesses connect their customers with the products and services they love. Industry leaders like Pitney Bowes, Experian, AAA NCNU, VMware, HootSuite and many others choose Aria to power their recurring revenue business and deliver exceptional experiences to their customers. Learn more about us at www.ariasystems.com.
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