SAN FRANCISCO, Sept. 12, 2017 (GLOBE NEWSWIRE) -- Aria Systems, the leader in helping enterprises grow subscription- and usage-based revenue, today announced it has raised $18 million in new capital. The round was led by Madison Bay Capital with Hummer Winblad Venture Partners, InterWest Partners, and Venrock participating. The funding brings the total amount raised to date to $150 million and will enable Aria to continue its impressive growth trajectory – including recent wins and implementations at Generac, Italiaonline, Merrill Corp, Philips, Sungard Availability Services and Subaru – while providing unparalleled service to its enterprise cloud billing and monetization customers. In addition, Silicon Valley veterans Steve Reale, Managing Partner of Madison Bay Capital Partners, and Drew Harman, Director of InterWest Partners, are bringing their talent and expertise to Aria as the newest members of the company’s board of directors.
Continued Enterprise Success
Aria has seen strong adoption by companies like Audi, NETGEAR, and Pitney Bowes who are moving beyond simple subscriptions to models that require complex recurring revenue and billing scenarios. This includes consumption and usage-based models, which are in high demand due to an increasingly connected world (IoT, connected vehicles, etc.). Successful implementation of these models is driving the need for a flexible and agile billing and monetization platform that facilitates a wider variety of offerings available at a global scale. With the Aria cloud billing and monetization platform, enterprises can quickly test and iterate on pricing on a wide variety of monetization models to better serve their customers and increase revenue.
“Aria’s cloud billing and monetization platform enabled Pitney Bowes to accelerate the launch of our Commerce Cloud solutions, which provide businesses of all sizes a full range of shipping, mailing, ecommerce, location intelligence, customer information management, customer engagement, and payment services,” said Joseph Schmitt, CIO of Pitney Bowes. “With Aria, Pitney Bowes is able to quickly respond to our customers' needs in terms of product and service offerings at a speed that was once unthinkable with traditional technology.”
“With an impressive and growing customer list and years of technology development, Aria is uniquely positioned to meet the needs of today’s enterprises who must improve the agility of their existing billing and monetization capabilities,” said Steve Reale, Managing Partner, Madison Bay Capital Partners. “In this age of lightweight SaaS software, Madison Bay Capital Partners is excited to partner with Aria as they accelerate upon the success they’ve already achieved. It’s a rare find: a company with both the commitment and foundation to address a large enterprise infrastructure need.”
“This latest round enables Aria to continue our strategic focus toward enterprise accounts that are transforming themselves via recurring revenue models,” said Tom Dibble, President & CEO, Aria Systems. “In addition, we are excited to welcome Silicon Valley veterans Steve Reale and Drew Harman to the board and look forward to their strategic guidance as we continue to build upon our leadership in the cloud billing category.”
Major Industry Recognition
The new funding comes on the heels of the important industry recognition from Forrester Research. In naming Aria a leader in The Forrester Wave™: Recurring Customer and Billing Management, Q3 2017 report, the leading research firm noted that Aria “has a vision to help large enterprises implement business models and billing processes that can be based on an unlimited number of dimensions and controlled by highly configurable parameters.”
About Aria Systems
Aria Systems’ cloud-based monetization platform is the analysts’ choice, top ranked by leading research firms. Innovative enterprises like Adobe, Philips, and Pitney Bowes depend on Aria to accelerate time to market and increase flexibility, enabling them to maximize customer value and grow recurring revenue through subscription- and usage-based offerings. For more information, visit www.ariasystems.com.
Aria Systems and the Aria logo are trademarks of Aria Systems, Inc. All other trademarks are the property of their respective owners.
Source: Aria Systems