Aria Systems Raises $20 Million to Help Global 2000 Companies Monetize New Recurring Revenue Streams
Aria Systems Raises $20 Million to Help Global 2000 Companies Monetize New Recurring Revenue Streams Feb 2011
Billing and Subscription Management Leader Marks Major Milestone
1 February 2011
San Mateo, CA — Aria Systems (http://www.AriaSystems.com), the leading provider of cloud billing and subscription management solutions, today announced that it has closed a Series C investment round of $20 million. InterWest Partners led the financing with additional investment from existing investors Hummer-Winblad and Venrock. A Fortune 500 technology firm also participated as a strategic investor. Aria Systems has now raised a total amount of $34 million in three rounds.
Aria Systems also announced that Bruce Cleveland, General Partner at InterWest Partners, joined its Board of Directors. Cleveland, who has held executive roles at Siebel Systems, Oracle and Apple, brings decades of operational experience in the enterprise software and SaaS industries.
"This investment — and new strategic partnership with a Fortune 500 company — allows us to cement our leadership position in the recurring billing marketplace," said Mike Morini, president and CEO of Aria Systems. "The addition of Bruce Cleveland to our board will prove invaluable as we look to extend our footprint worldwide."
"Aria Systems is the leader in the billing and subscription management market. The Aria SaaS Platform supports any recurring revenue pricing model that subscriptions businesses may need to compete in today's world," said Bruce Cleveland, general partner, InterWest Partners. "I am excited to join the team and believe that the company will transform this industry."
About Aria Systems
Aria is the market leader in subscription and recurring billing solutions. Since 2003, Aria has managed over one million accounts in more than 195 countries. Aria's Billing Platform is the billing industry's most reliable, flexible and scalable on demand tool for accelerating revenue capture while significantly reducing operating costs. Additionally, having achieved end-to-end Level 1 PCI Compliance and SAS70 Certification, Aria Systems leads the market in security and compliance. Backed by Hummer Winblad Venture Partners, Venrock Associates and Dave Labuda, Founder and former CEO of Portal Software, Aria's team of SaaS and billing experts are part of a company that billed over 2.5 million customers for $1 billion a year in transactions. Aria Systems is headquartered in Media, PA (metropolitan Philadelphia) and has offices in the San Francisco Bay Area (San Mateo, CA). Aria Systems has been ranked as the 5th fastest growing, privately held company in the Philadelphia region by the Philadelphia 100. For more information about Aria Systems, visit http://www.AriaSystems.com or call 1-877-755-2370.
About InterWest Partners
For 30 years InterWest (http://www.interwest.com) has partnered with exceptional entrepreneurs to build winning technology and life sciences companies. With more than 200 years of combined operating and investing experience, InterWest's team has raised $2.8B, completed more than 70 IPOs, and participated in nearly 60 upside acquisitions. As the firm invests InterWest X, a $650M fund, InterWest continues to believe that providing capital is just the beginning of a long-term collaboration with entrepreneurs to turn their vision into a thriving company.