BillingPlatform – an enterprise revenue lifecycle management platform for innovative business models – announced a $90 million growth equity investment from FTV Capital. The funding round will drive BillingPlatform’s continued expansion in a $10 billion market that is growing over 10% per year as enterprises increasingly turn to the company’s comprehensive portfolio of solutions for the Office of the CFO, enabling 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 recently announced new deals with J.P. Morgan, CooperSurgical, Juniper Square, and Class that join its roster of major enterprise customers like Carrier, CCC Intelligent Solutions, Cloudera, Panera, DIRECTV, GoCardless, and Vantage Towers. The company has also seen a three-year revenue growth rate of 296%.
With this funding round, FTV Capital joins Columbia Capital as institutional investors with minority investments in BillingPlatform. And Kyle Griswold and Richard Liu, partners at FTV Capital, will join BillingPlatform’s board of directors.
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 for monetizing any type of product offering, from simple subscriptions to sophisticated usage-based pricing models and everything in between. BillingPlatform offers 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.
In connection with the deal, Stifel acted as the exclusive 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.
KEY QUOTES:
“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.”
– Kyle Griswold, partner at FTV Capital
“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.”
– Richard Liu, partners at FTV Capital
“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. 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.”
– Dennis Wall, CEO of BillingPlatform
“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.”
– Jason Booma, partner at Columbia Capital
