Billing and subscription management leader marks major milestone
San Mateo, CA – Feb 1, 2011 – Aria Systems, the leading provider of cloud billing and subscription management solutions, today announced that it has closed a Series C investment round of $20 million. InterWest Partners led the financing with additional investment from existing investors Hummer-Winblad and Venrock. A Fortune 500 technology firm also participated as a strategic investor. Aria Systems has now raised a total amount of $34 million in three rounds.
Aria Systems also announced that Bruce Cleveland, General Partner at InterWest Partners, joined its Board of Directors. Cleveland, who has held executive roles at Siebel Systems, Oracle and Apple, brings decades of operational experience in the enterprise software and SaaS industries.
“This investment – and new strategic partnership with a Fortune 500 company – allows us to cement our leadership position in the recurring billing marketplace,” said Mike Morini, president and CEO of Aria Systems. “The addition of Bruce Cleveland to our board will prove invaluable as we look to extend our footprint worldwide.”
“Aria Systems is the leader in the billing and subscription management market. The Aria SaaS Platform supports any recurring revenue pricing model that subscription businesses may need to compete in today’s world,” said Bruce Cleveland, general partner, InterWest Partners. “I am excited to join the team and believe that the company will transform this industry.”
About Aria Systems:
Aria Systems is the subscription billing and management market leader serving Global 2000 companies. The Aria Subscription Billing Platform is the industry’s only enterprise-class solution that automates the entire subscriber life cycle for all recurring revenue models. Disney, Ingersoll Rand, DreamWorks, EMC, Internap, VMware, Taleo, and HootSuite all rely on Aria for fast time-to-market, low operational costs, and monetization flexibility. For more information, visit www.ariasystems.com.
About InterWest Partners:
For 30 years InterWest (http://www.interwest.com) has partnered with exceptional entrepreneurs to build winning technology and life sciences companies. With more than 200 years of combined operating and investing experience, InterWest’s team has raised $2.8B, completed more than 70 IPOs, and participated in nearly 60 upside acquisitions. As the firm invests InterWest X, a $650M fund, InterWest continues to believe that providing capital is just the beginning of a long-term collaboration with entrepreneurs to turn their vision into a thriving company.