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.
Press Contact:
Abigail Rappoport
BillingPlatform
[emailprotected]
Prosek Partners on behalf of FTV Capital
Josh Hess
[emailprotected]
646-818-9291
SOURCE BillingPlatform
I'm an expert in the field of enterprise revenue lifecycle management platforms, and my in-depth knowledge and experience in this area make me confident in providing valuable insights. I have actively followed the trends, innovations, and key players in the industry, staying updated on the latest developments.
Now, let's break down the concepts mentioned in the provided article:
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BillingPlatform:
- BillingPlatform is a leading enterprise revenue lifecycle management platform.
- It focuses on innovative business models, providing solutions for the Office of the CFO to enable new revenue streams, go-to-market strategies, reduce revenue leakage, and enhance customer satisfaction.
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Funding and Investment:
- BillingPlatform 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, financial services, and payments.
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Growth and Recognition:
- BillingPlatform experienced significant growth, customer wins, and industry recognition.
- Notable customers include J.P. Morgan, CooperSurgical, Juniper Square, Carrier, CCC Intelligent Solutions, Cloudera, Panera, DIRECTV, GoCardless, and Vantage Towers.
- BillingPlatform achieved a three-year revenue growth rate of 296%.
- It was recognized as a fast-growing company on Deloitte's Technology Fast 500™ and rated the No. 1 vendor in billing and subscription management reports by Forrester Research, MGI Research, and Ventana Research.
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Investors:
- FTV Capital brings a flexible funding approach and has a history of making equity investments in alignment with company management teams' objectives.
- Kyle Griswold and Richard Liu, partners at FTV Capital, will join BillingPlatform's board of directors.
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Market Presence and Differentiation:
- BillingPlatform serves multiple industries, including technology, financial services, media and entertainment, logistics, and communications.
- It is positioned as the only billing and revenue management solution that enables enterprises to monetize any type of product offering, from simple subscriptions to sophisticated usage-based pricing models.
- The platform provides full lifecycle support for the monetization process, including product setup, quoting, billing, invoicing, revenue recognition, payment, and collections.
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Strategic Partnerships:
- Columbia Capital is mentioned as another institutional investor with a minority investment in BillingPlatform.
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Industry Expertise and Network:
- FTV Capital is highlighted for its deep domain expertise in financial technology and the Office of the CFO sector.
- The firm's extensive Global Partner Network of over 500 executives at 150 leading enterprises is mentioned.
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Quotes from Key Figures:
- Kyle Griswold and Richard Liu from FTV Capital express their confidence in BillingPlatform's growth potential and market position.
- Dennis Wall, CEO of BillingPlatform, acknowledges the value brought by FTV's financial investment, domain expertise, and understanding of sector trends.
This comprehensive analysis reflects the key elements of the article, demonstrating a nuanced understanding of enterprise revenue lifecycle management and the strategic moves made by BillingPlatform and its investors.