SAN MATEO, Calif.--(BUSINESS WIRE)--Aria Systems (www.AriaSystems.com), 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 subscriptions 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 leader in subscription billing and subscription management solutions since its inception in 2003. As the SaaS billing pioneer, Aria has grown rapidly to manage millions of subscription accounts in every country in the world for companies that span a wide range of industries, including entertainment and cloud infrastructure. The Aria Billing and Subscription Management Platform is the industry’s most reliable, flexible and scalable on-demand platform for organizations looking to capture recurring revenue. Aria Systems leads the market in security and compliance as the only vendor to have achieved both SAS 70 Type II certification as well as PCI DSS Level 1 compliance for the entire billing management process. Aria’s billing expertise comes from industry veterans that have managed multi-billion dollar billing operations supporting millions of end user subscribers. For more information, visit www.AriaSystems.com or call 1-877-755-2370.
About InterWest Partners
For 30 years InterWest (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.