New funding will accelerate innovation,
product development and go-to-market expansion for the leading
enterprise revenue lifecycle management platform
DENVER, Jan. 24,
2024 /PRNewswire/ -- BillingPlatform, the
enterprise revenue lifecycle management platform for today's
innovative business models, today 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
investment 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 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. With a three-year revenue
growth rate of 296%, BillingPlatform was also recognized for the
fourth consecutive year as a fast-growing company on Deloitte's
Technology Fast 500™ and was also rated the No. 1 vendor in
influential billing and subscription management reports from
Forrester Research, MGI Research and Ventana Research.
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.
"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," said Griswold. "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."
"In our conversations with customers and industry participants,
the feedback on BillingPlatform has been outstanding and reinforces
the company's strong position," added Liu. "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."
"In addition to FTV's financial investment, the firm adds
tremendous value through its deep domain expertise and
understanding of sector trends as well as its extensive Global
Partner Network of more than 500 executives at 150 of the world's
leading enterprises," said Dennis
Wall, CEO of BillingPlatform. "With this new partnership, we
have the financial and strategic resources to continue supporting
our customers, drive our ambitious growth goals and extend our
leadership as the leading enterprise revenue lifecycle management
platform."
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 unparalleled
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.
"Columbia's conviction in BillingPlatform's market opportunity
has only continued to grow since our initial investment. The
company's clear vision, blue-chip customer base and world-class
management team have proven to be a winning formula. We're excited
to embark on the next chapter of this journey in partnership with
BillingPlatform and FTV," added Jason
Booma, partner at Columbia Capital.
In connection with the transaction, Stifel acted as financial
advisor to BillingPlatform, and DLA Piper and Kirkland & Ellis
served as the parties' legal advisors. William Blair acted as the exclusive financial
advisor to FTV Capital.
About FTV Capital
FTV Capital is a sector-focused growth equity investment firm that
has raised $6.2 billion to invest in
high-growth companies offering a range of innovative solutions in
three sectors: enterprise technology and services, financial
services, and payments and transaction processing. FTV's
experienced team leverages its domain expertise and proven track
record in each of these sectors to help motivated management teams
accelerate growth. FTV also provides companies with access to its
Global Partner Network®, a group of the world's leading enterprises
and executives who have helped FTV portfolio companies for two
decades. Founded in 1998, FTV Capital has invested in 140 portfolio
companies, including Agiloft, Docupace, EBANX, Lean Solutions
Group, LoanPro, LogicSource, Neptune Flood Insurance, Patra,
PlateIQ and Vagaro, and successfully exited/partially exited
companies including Enfusion (NYSE: ENFN), Globant (NYSE: GLOB),
InvestCloud (recapitalized), RapidRatings (recapitalized), Strata
Fund Solutions (acquired by Alter
Domus), Vpay (acquired by Optum) and WorldFirst (acquired by
Ant Financial). FTV has offices in San
Francisco, New York,
Connecticut and London. For more information, please visit
www.ftvcapital.com and follow the firm on LinkedIn.
About BillingPlatform, Corp.
BillingPlatform empowers
businesses with innovative software solutions to optimize revenue
generation through every stage of the customer lifecycle, powering
growth through operational agility along with a frictionless
customer experience. Our industry-leading, cloud-based
platform is leveraged by global enterprises to optimize the
customer journey from idea to revenue. With global customers across
multiple industries, including software, finance, media,
transportation, and communications, BillingPlatform processes
billions of transactions and dollars every year, enabling
enterprises to grow revenue, reduce costs, and improve overall
customer experience. To learn more, visit billingplatform.com.
Press Contact:
Abigail Rappoport
BillingPlatform
billingplatform@threeringsinc.com
Prosek Partners on behalf of FTV Capital
Josh Hess
pro-ftvcapital@prosek.com
646-818-9291
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SOURCE BillingPlatform
