US-based billing and monetisation software provider Aria Systems has raised $90 million in growth capital from the Private Credit arm of investment banking firm Goldman Sachs’ Asset Management subsidiary.
Aria has developed a platform that helps enterprises monetise digital services, manage customer accounts and attract customers through flexible digital product catalogues.
The company raised a total of $150m between 2007 and 2017, including $20m in series C funding from EMC, the data software provider since absorbed by computing technology producer Dell, InterWest Partners, HWVP (then Hummer Winblad Venture Partners) and Venrock in 2011.
EMC subsidiary VMware returned for a $40m series D round in 2013 led by Bain Capital Ventures, the venture capital arm of private equity firm Bain Capital, that also featured Interwest Partners, Tugboat Ventures and Venrock.
Runway Capital and unnamed existing investors added $30m in 2018. The company’s earlier backers include Madison Bay Capital Partners, Rembrandt Venture Partners and Hercules Technology Growth Partners.
Aria has been aggressively expanding its customer base over the past several months, signing contracts with customers like Oxford University Press, Liberty Latin America and GTT Infrastructure, and expanding existing partnerships with Stripe, ServiceNow and Wordline.
Matt Singer, head of non-sponsor and growth capital solutions at Goldman Sachs Asset Management, said: “Consistent with our focus on investing in high growth, mission critical software businesses, we are excited to provide this strategic financing to Aria, a widely recognised leader in cloud billing and monetisation.
“With strong revenue growth and customer retention, Aria’s scalability and configurability make it well suited to support its global base of large blue-chip clients across a diverse set of end-markets.”
