Aria Systems has some new capital to process.
The San Francisco-based maker of cloud-based billing solutions just raised a $40 million funding round, the company announced today. Bain Capital Ventures led the round with participation from existing investors VMware, Hummer Winblad Venture Partners, Interwest Partners, Tugboat Ventures, and Venrock. In total, Aria has raised $83 million in investment.
Companies that sell services pay Aria Systems to ensure their bills are accurate and timely and that the money they collect is accounted for properly. Aria offers a number of solutions for managing recurring revenue, with support for prepaid, tiered, freemium, and usage-based models. Aria also has an analytics layer that gathers information on customers’ service usage, which could be helpful in determining pricing or bundling of services.
“Our investors know this space and its potential,” said Aria Systems CEO Tom Dibble in a statement. “Recurring revenue in its many forms is fast becoming an essential component of successful businesses across industries and around the globe.”
Aria signed some major customers this year, including Adobe, Audi, Deutsche Telecom, and Sony, and the company recently opened an international office in London. Aria currently has around 125 employees, with 70 in San Francisco, although it expects those numbers to double within nine months.