BillingPlatform, the enterprise revenue lifecycle management platform for today’s innovative business models, announced a $90 million growth equity investment from FTV Capital, a sector-focused growth equity investor with more than 25 years of experience in enterprise technology and services, financial services, and payments and transaction processing.
The capital from the investment round “will fuel BillingPlatform’s continued expansion in a $10 billion market that is growing more than 10% per year as enterprises increasingly turn to the company’s comprehensive portfolio of solutions for the Office of the CFO that enable new revenue streams and go-to-market strategies, reduce revenue leakage and improve customer satisfaction.”
FTV Capital’s investment comes as BillingPlatform reportedly “recorded significant growth, customer wins, and industry analyst and award recognition last year. BillingPlatform announced new deals with J.P. Morgan, CooperSurgical, Juniper Square and Class that join its roster of major enterprise customers, such as Carrier, CCC Intelligent Solutions, Cloudera, Panera, DIRECTV, GoCardless and Vantage Towers.”
FTV Capital brings a flexible funding approach and “makes equity investments that align with the objectives of company management teams to accelerate growth and expansion. Since its founding in 1998, the firm has raised $6.2 billion and invested over $5.2 billion in 140 portfolio companies.”
With this funding, FTV Capital joins Columbia Capital as institutional investors “with minority investments in BillingPlatform. Kyle Griswold and Richard Liu, partners at FTV Capital, will join BillingPlatform’s board of directors.”
Griswold said:
“Given our years of focus and expertise in the financial technology sector and in subsectors like the Office of the CFO, BillingPlatform has been on our radar for a long time, and we’ve continued to be impressed by the company’s consistent growth and best-of-breed product offering. Enterprises are hungry for cloud-based solutions, but historically automated billing software has been difficult to adopt and lacked flexibility. As the industry demands greater product leadership, BillingPlatform is well poised to accelerate growth in both new and core verticals and drive market leadership.”
Liu added:
“In our conversations with customers and industry participants, the feedback on BillingPlatform has been outstanding and reinforces the company’s strong position. BillingPlatform delivers a modern, highly configurable and automated approach that helps customers not only drive significant operational efficiency, but also create new revenue streams – comprehensive of recurring, usage-based, subscription and other hybrid business models – that have become mission critical for businesses.”
With global customers serving multiple industries, including technology, financial services, media and entertainment, logistics, and communications, BillingPlatform is the only billing and revenue management solution on the market that “enables enterprises to monetize any type of product offering, from simple subscriptions to sophisticated usage-based pricing models and everything in between.”
BillingPlatform provides full lifecycle support of “the monetization process – from product setup, quoting, billing and invoicing, and revenue recognition, through to payment and collections – all on a secure, next-generation cloud platform.”
The flexibility of the platform puts enterprises in control of “how they differentiate in the market, maximize profitability, reduce operational costs and improve the customer experience.”