Aria Systems, a US-based provider of cloud-based, recurring revenue management software, has raised $40m in its fourth round of funding, led by venture capital firm Bain Capital Ventures and includes existing investors, US software company VMware and venture capital firms Hummer Winblad Venture Partners, Interwest Partners, Tugboat Ventures and Venrock.
Previously, in February 2011, Aria Systems raised $20m in its series C round; the latest round brings total funds raised to date to $83m.
Aria Systems states that recurring revenue models such as subscriptions, usage, tiered services and real-time on-demand consumption “have exploded and are now estimated to be a $300 billion market.”
Tom Dibble, chief executive officer, Aria Systems, said: “Recurring revenue in its many forms is fast becoming an essential component of successful businesses across industries and around the globe. This round of funding will allow us to further invest in advancing the most innovative cloud solution for recurring revenue and expand our global customer success operations to ensure that we continue to delight our customers as we grow.”
Salil Deshpande, managing director, Bain Capital Ventures, and a new board member at Aria Systems, said: “Recurring revenue business models represent a massive generational shift in business practices. The market is rapidly growing beyond simple subscriptions to encompass a range of business strategies. Aria Systems’ cloud commerce solution for recurring revenue is proven best in class.”