Chargebee, which operates a software-as-a-service (SaaS)-based subscription management platform, has announced acquisition of private equity-backed collections management platform numberz.
The financial details of the transaction remained undisclosed in the company's statement.
Chargebee Inc that operates in India through its subsidiary Chargebee Technologies Pvt Ltd, which became unicorn in April in last year, has also launched Chargebee Receivables with this strategic acquisition. The platform will now help subscription businesses to smartly automate their entire receivables process from purchase to payment, and will also manage subscription products and invoices.
““With the acquisition of numberz, we are focused on solving bottlenecks that often occur due to clunky Accounts Receivable systems that leave collections delayed and bills unpaid. When businesses are growing at a fast rate, it’s critical that decision-makers have full visibility into receivables so they have clarity into available working capital needed for growth,” said Krish Subramanian, CEO and co-founder of Chargebee.
With the addition of numberz, Chargebee Receivables will ensure that customers are billed on time, with total accuracy, all while keeping customers engaged and informed by offering incentives for them to quickly and easily pay on time.
On average, it takes about 72 days for the world’s fastest-growing SaaS companies to get paid on their invoices. according to internal analysis of the Cloud Index Report. This is particularly significant in comparison to an average US company, getting paid in 45 days.
“"We are excited to be a part of Chargebee and to add Accounts Receivable Management capabilities that help finance leaders better manage their entire order-to-cash cycle, aid business growth and unlock massive value,” said Aditya Tulsian, co-founder and CEO of Numberz.
numberz, which is backed up by investors including Sequoia Capital and Kae Capital, counts Freshworks, Blue Dart, Treebo Hotels, Konica Minolta and many others as its key clients. It operates in India, US and UAE.
The pandemic-driven shift to SaaS and subscription-based business models has helped companies like Chargebee grow in size.
San Francisco-based firm Chargebee, operating from Chennai in India, was founded in 2011 by Subramanian, Saravanan KP, Rajaraman Santhanam and Thiyagarajan T. The firm manages revenue operations for subscription-based businesses for startups and larger enterprises.
Chargebee, which also has offices in Salt Lake City in the US and Amsterdam in Netherlands, has evolved from offering automating billing operations to managing end-to-end subscription workflows, including revenue operations and compliance.
The firm's portfolio includes brands like Okta, Freshworks, Calendly, and Study.com.