Chargebee, which operates a software-as-a-service (SaaS)-based subscription administration platform, has introduced acquisition of personal equity-backed collections administration platform numberz.
The monetary particulars of the transaction remained undisclosed within the firm’s assertion.
Chargebee Inc that operates in India by its subsidiary Chargebee Applied sciences Pvt Ltd, which grew to become unicorn in April in final 12 months, has additionally launched Chargebee Receivables with this strategic acquisition. The platform will now assist subscription companies to neatly automate their total receivables course of from buy to fee, and also will handle subscription merchandise and invoices.
“With the acquisition of numberz, we’re centered on fixing bottlenecks that always happen as a result of clunky Accounts Receivable methods that go away collections delayed and payments unpaid. When companies are rising at a quick fee, it’s vital that decision-makers have full visibility into receivables so that they have readability into out there working capital wanted for development,” mentioned Krish Subramanian, CEO and co-founder of Chargebee.
With the addition of numberz, Chargebee Receivables will make sure that clients are billed on time, with whole accuracy, all whereas holding clients engaged and knowledgeable by providing incentives for them to rapidly and simply pay on time.
On common, it takes about 72 days for the world’s fastest-growing SaaS corporations to receives a commission on their invoices. in response to inside evaluation of the Cloud Index Report. That is significantly vital compared to a median US firm, getting paid in 45 days.
“We’re excited to be part of Chargebee and so as to add Accounts Receivable Administration capabilities that assist finance leaders higher handle their total order-to-cash cycle, support enterprise development and unlock huge worth,” mentioned Aditya Tulsian, co-founder and CEO of numberz.
numberz, which is backed by traders together with Sequoia Capital and Kae Capital, counts Freshworks, Blue Dart, Treebo Motels, Konica Minolta and lots of others as its key shoppers. It operates in India, US and UAE.
The pandemic-driven shift to SaaS and subscription-based enterprise fashions has helped corporations like Chargebee develop in measurement.
San Francisco-based agency Chargebee, working from Chennai in India, was based in 2011 by Subramanian, Saravanan KP, Rajaraman Santhanam and Thiyagarajan T. The agency manages income operations for subscription-based companies for startups and bigger enterprises.
Chargebee, which additionally has places of work in Salt Lake Metropolis within the US and Amsterdam in Netherlands, has advanced from providing automating billing operations to managing end-to-end subscription workflows, together with income operations and compliance.
The agency’s portfolio contains manufacturers like Okta, Freshworks, Calendly, and Examine.com.
Supply: Live Mint