Aria Systems, with R&D in Delaware County, raises another $40 million

Tom Paine

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Aria Systems, a SaaS subscription billing vendor founded in Delaware County before migrating its headquarters to Silicon Valley, raised another $40 million in VC funds, it announced today. This brings the total it has raised to $83 million.

Aria still has its R&D based in Broomall, Delaware County. According to LinkedIn, it has 48 employees in the Philadelphia area.

The round was filled with heavyweight investors, led by Bain Capital Ventures, with participation from existing investors VMware, Hummer Winblad Venture Partners, Interwest Partners, Tugboat Ventures, and Venrock. Aria CEO Tom Dibble would not reveal the valuation, but was quoted by the San Francisco Business Times as saying it was a "significant increase" from the prior round.

Aria was founded in 2003 by Ed Sullivan, a Delaware County native and genuine serial entrepreneur who no longer is active in company management but remains on the board, according to Aria's website. He is currently CEO of G2Link, a Drexel Hill-based startup he founded along with his son.

Although Aria has several competitors, it is most closely identified with Zuora, which was
founded by former Salesforce exec Tien Tzuo. Both companies have a large presence at Dreamforce 2013.

Billtrust brings on new CFO, who talks about future equity event possibilities

Tom Paine

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Hamilton, NJ-based Billtrust, the provider of business-to-business and business-to-consumer billing and payment services, announced the hiring of a new CFO, Ed Jordan, late last month, although he actually started work there a couple of months prior to that.

Ed Jordan

Jordan told the Wall Street Journal that his 30 year background involves helping guide companies to the point that they can be taken public, sold to a larger entity, or in some cases both. Two companies he helped go public as CFO were ITXC Corporation and Dialogic Inc.

The twelve-year-old company is profitable, he told the Journal, and received a $25 million growth equity investment from Bain Capital Ventures this past November. Jordan also told the Journal that "he anticipates any future funding needs will come from private equity or in the public markets." Although he said that there is "no timetable on any future IPO, let alone a sale of the company," he did say that if Billtrust did go public it would benefit from the JOBS Act, which enables private companies to go through several steps of the filing process confidentially.

According to the Inc. 5000, on which it is ranked #2247, Billtrust had 2012 revenue of $44.5 million, up from $16.9 million in 2009. It has 159 employees, according to Inc. It was founded by CEO Flint Lane.

At the same time it announced Jordan's appointment, Billtrust also said Kirk Dauksavage had joined the company as its new Chief Revenue Officer.

Just yesterday, Billtrust announced it was integrating its invoice system with the Ariba Network. Ariba, an SAP company, operates a major network that electronically connects buyers and sellers for purchasing and billing.

Examples of Billtrust customers include Kraft Foods Group Inc., Whirlpool Corp. and Under Armour Inc.

Billtrust is ranked #8 on Philly Tech News' Young Companies to Watch.

Bain Capital Ventures' Matt Harris on Billtrust & SevOne investments (Bloomberg TV)

Bloomberg TV interviewed Bain Capital Ventures' managing director Matt Harris on the firm's current investment strategy, including its recent investments in Hamilton, NJ-based Billtrust ($25 million), and Wilmington, DE-based SevOne ($150 million).







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Deal of the day: Billtrust (Hamilton NJ) raises $25 million from Bain Capital Ventures

Tom Paine
Follow @phillytechnews

Billtrust, a Hamilton, NJ-based provider of SaaS outsourced billing services, announced this morning that it had received a $25 million investment from Bain Capital Ventures. This brings the total investment in Billtust to $30 million; Edison Ventures had led a previous round. Matt Harris, managing partner of Bain Capital Ventures, will join Billtrust’s board of directors. Billtrust says its revenue grew ten fold over a five year period.

Billtrust says the capital will be used for strategic acquisitions. It provides electronic billing services for both consumers and businesses, but in the press release Bain Capital Ventures' Harris emphasized that "Billtrust is the first company we have seen that is so well positioned to dominate the enterprise market."

Founded 11 years ago, Billtrust is led by CEO Flint Lane. Hamilton is located outside
of Trenton.

Billtrust Press Release (pdf)



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