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 Classthat join its roster of major enterprise customers, such as Carrier, CCC Intelligent Solutions, Cloudera, Panera, DIRECTV, GoCardlessand 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 the exclusivefinancial 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.
Prosek Partners on behalf of FTV Capital
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Now, let's discuss the concepts mentioned in this article.
BillingPlatform is an enterprise revenue lifecycle management platform that offers comprehensive solutions for the Office of the CFO. It enables businesses to optimize revenue generation throughout the customer lifecycle, from idea to revenue. The platform is cloud-based and provides support for various industries, including technology, financial services, media and entertainment, logistics, and communications. BillingPlatform's solutions allow enterprises to monetize different types of product offerings, from simple subscriptions to sophisticated usage-based pricing models.
Growth Equity Investment from FTV Capital
BillingPlatform recently announced a $90 million growth equity investment from FTV Capital. FTV Capital is a sector-focused growth equity investor with over 25 years of experience in enterprise technology and services, financial services, and payments and transaction processing. The investment aims to accelerate innovation, product development, and go-to-market expansion for BillingPlatform. FTV Capital's funding approach aligns with the objectives of company management teams to drive growth and expansion.
Market Growth and Customer Wins
BillingPlatform operates in a market that is growing more than 10% per year and is estimated to be worth $10 billion. The company has recorded significant growth, customer wins, and industry recognition. Some of the major enterprise customers that have joined BillingPlatform's roster include J.P. Morgan, CooperSurgical, Juniper Square, and Class. The company has also been recognized as a fast-growing company on Deloitte's Technology Fast 500™ for the fourth consecutive year. Additionally, BillingPlatform has been rated the No. 1 vendor in influential billing and subscription management reports from Forrester Research, MGI Research, and Ventana Research.
Institutional Investors and Board of Directors
FTV Capital's investment in BillingPlatform makes them an institutional investor with a minority investment in the company. Columbia Capital is another institutional investor with a minority investment in BillingPlatform. As part of the investment, Kyle Griswold and Richard Liu, partners at FTV Capital, will join BillingPlatform's board of directors. The partnership with FTV Capital brings not only financial investment but also deep domain expertise and understanding of sector trends.
Benefits of BillingPlatform's Solutions
BillingPlatform's cloud-based platform offers several benefits to enterprises. It provides full lifecycle support for the monetization process, including product setup, quoting, billing and invoicing, revenue recognition, payment, and collections. The platform's flexibility allows enterprises to differentiate themselves in the market, maximize profitability, reduce operational costs, and improve the customer experience. It supports various business models, including recurring, usage-based, subscription, and hybrid models. With its comprehensive solutions, BillingPlatform aims to help enterprises drive operational efficiency and create new revenue streams.
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