Aria Systems secures USD 40 million in fourth funding round led by Bain Capital Ventures
San Francisco-based Aria Systems said it received USD 40 million for its fourth financing round. The funding was led by Bain Capital Ventures and participated in by the company's current investors InterWest Partners, Hummer Winblad Venture Partners, Venrock, Tugboat Ventures and VMware. The proceeds brought funds raised by the company to date to USD 83 million. As part of the deal, Bain Capital Ventures Managing Director Salil Deshpande will join the board of Aria Systems.
Aria Systems is a provider of cloud-based recurring revenue management solutions. Aria provides enterprises with a multi-service commerce hub in the cloud, enabling them to connect their products and services with their customers. This can be done through various models like usage, subscription, freemium or tiers. Aria's platform can be integrated with ease with various business applications like those from NetSuite, Salesforce.com and Oracle. Aria also compiles behavior intelligence data on customers' service usage so that trends are easily seen and new opportunities for packaging, pricing and bundling services can are revealed.
Deshpande says about the investment, "Recurring revenue business models represent a massive generational shift in business practices. The market is rapidly growing beyond simple subscriptions to encompass a range of business strategies. Aria Systems' cloud commerce solution for recurring revenue is proven best in class. Their track record for rapidly deploying and supporting high-value recurring revenue businesses for both brand names and emerging leaders is impressive. We're excited that they have chosen Bain Capital Ventures to lead this round of funding."
Aria Systems Chief Executive Officer Tom Dibble said the company's investors understand the space and the potential it offers. He said, "Recurring revenue in its many forms is fast becoming an essential component of successful businesses across industries and around the globe." He added that the funds will enable Aria to develop their cloud solution and grow their customer operations around the world.