Aria Systems Closes $4.0 M Series A Financing Led by Hummer Winblad Venture Partners
PHILADELPHIA.—November 7, 2007 - Aria Systems, Inc., provider of on-demand billing and customer management services, today announced it secured $4.0 million in Series A financing led by Hummer Winblad Venture Partners. Aria - which has emerged as the top monetization platform for the gaming and Software-as-a-Service (SaaS) markets - will use the proceeds to expand sales and account management operations, build-out its on-demand delivery infrastructure, and finance product and architecture enhancements.
Aria enables businesses with diverse markets and services to manage and control all of their recurring revenue processes, including registration, provisioning, metering, billing, invoicing, and ongoing customer management. Since its start in 2003, Aria has added more than 30 clients to its customer rolls and signed 21 significant agreements with integration and distribution partners. RBC Capital Markets predicts that the SaaS market will grow at a 43% compound annual growth rate (CAGR) to be $28 billion by 2010.
“We’re honored to have a firm with the reputation of Hummer Winblad recognize the business we’ve built and the opportunity that lies ahead,” said Ed Sullivan, Aria’s CEO and founder. “Software as a Service is making companies reevaluate their relationships with legacy vendors. Salesforce.com proved the model for CRM and we are seeing similar demand from customers for SaaS-based billing and customer management.”
Hummer Winblad managing director Mark Gorenberg will join Aria’s Board of Directors. Aria is Hummer Winblad’s fourteenth SaaS investment.
“Aria has proven that it can win major clients and build strong partnerships in the gaming and SaaS markets,” said Gorenberg. “We also see longer-term opportunity for Aria across other industries with recurring billing requirements, industries such as telecommunications, insurance and utilities. Our investment will help Aria win in these markets like they’ve done with SaaS and gaming.”
About Aria Systems
Aria Systems is the leading provider of subscription billing solutions and offers the only "monetization platform" encompassing the full spectrum of Billing and Customer Lifecycle Management services. The Aria A+ Billing Platform offers clients the on-demand billing industry's most flexible tool for accelerating revenue capture, optimizing cash flow, and enabling actionable market intelligence while significantly reducing operating costs throughout each phase of the customer lifecycle. Acknowledged as the SaaS billing leader in terms of experience and execution, Aria manages and maintains more than 1 million accounts and has processed more than 1 billion transactions since it began operations in 2003. With Hummer Winblad, Venrock, and software billing icon Dave Labuda as investors, the company is based in Media, Pa. (metropolitan Philadelphia), with offices in the San Francisco bay area as well. For more information, visit www.ariasystems.com.
Media Contacts
Kevin H. King
Horn Group
+1 410 353 3234
kking@horngroup.com
