Recurly, Inc., a subscription management and billing platform for high-growth brands, has announced an agreement to acquire LeapRev, a revenue recognition and forecasting solution.
This acquisition will “create a single source for subscription management, recurring billing, and revenue management that empowers Recurly customers to better focus on driving growth among increasingly complex and evolving revenue accounting and reporting standards.”
Dan Burkhart, CEO and Co-Founder at Recurly, said:
“Recurly powers recurring billing management for many of the world’s leading brands. Part of our customers’ success has resulted from Recurly’s ability to support more granular, pay-as-you-go pricing models. This trend toward enabling greater flexibility in pricing models creates a greater need for accounting automation. We are delighted to welcome the talented team at LeapRev and deliver a best-in-class solution for the automation of revenue recognition to the world’s most successful subscription businesses.”
Revenue recognition reporting requirements “continue to shift, requiring international payments and multi-currency inclusion.” The acquisition of LeapRev “enhances the revenue recognition capabilities of the Recurly platform, streamlining the complex revenue reporting processes associated with subscription contracts, including FASB (ASC 606/340-40/842) and IASB (IFRS 15) guidelines.”
Recurly customers will also be able “to streamline revenue management across a diverse set of monetization and pricing models, and easily account for contract modifications including volume discounts, up-sell, cross-sell, refunds, returns, cancellations, terminations, and price adjustments.”
Jonas Flodh, Chief Product Officer at Recurly, remarked:
“We are excited to offer deeper capabilities in revenue management. This new solution will help our customers meet reporting and compliance requirements, as well as provide enhanced revenue intelligence and predictability for businesses with a complex mix of pricing and usage models. Adding this expanded functionality to the Recurly subscription management and billing platform further enhances our ability to provide automation of the close process, and revenue insights and forecasting across a variety of industries.”
Created by a team of industry veterans, LeapRev’s platform “delivers a next-generation revenue management application in order to automate customer’s accounting standards.”
As noted in the update, Recurly provides “a flexible and scalable subscription platform to support subscription commerce for thousands of brands globally.”
Recurly helps companies “scale subscriber growth by optimizing the consumer experience while reducing the operating cost of managing recurring billing and payments.”