Atlanta-based SaaSOptics and Chargify, headquartered in Texas, have merged, the providers of financial management solutions for subscription businesses announced in a Wednesday (April 13) press release emailed to PYMNTS.
The combined firm, now called Maxio, said it will provide a one-stop shop for revenue management and subscription billing for Software-as-a-Service (SaaS) companies.
“Modern SaaS companies require a robust billing and revenue management solution now more than ever thanks to a dramatic rise in the adoption of subscription models with complex pricing structures,” said Maxio Chair Jason Parkman in a statement.
SaaSOptics and Chargify said they have delivered innovative solutions to assist finance professionals, executives and SaaS entrepreneurs. These solutions include subscription management, recurring billing, SaaS metrics, revenue retention, expense and events-based billing.
Today, Maxio has more than 260 employees working remotely or at one of its four office headquarters in San Antonio, Texas; Atlanta, Georgia; Dublin, Ireland; and Kraków, Poland.
The company said plans to add 115 positions this year to help achieve and surpass its growth goals.
Seeds for the merger were planted one year ago when Battery Ventures invested $150 million in what it described as “two complementary, cloud-software platforms that manage billing and automate related financial functions including payments, revenue recognition and analytics for SaaS companies.
“With Battery’s deep expertise and success in partnering with cloud-based financial management software companies, we see a huge opportunity to transform the subscription management market,” said SaaSOptics CEO Tim McCormick in a statement last year.
Describing the investment, Battery Ventures said SaaSOptics and Chargify were trusted by more than 2,000 customers and manage in excess of $10 billion in annual revenue.