BillingPlatform, a leading enterprise revenue lifecycle management platform, has successfully secured a hefty $90 million growth equity investment from FTV Capital, a growth equity investor renowned for its 25-year experience in enterprise technology and services, financial services, and payments and transaction processing. This investment will drastically invigorate BillingPlatform's ongoing expansion in a $10 billion market, growing at more than 10% each year.
The recent investment from FTV Capital comes on the back of a period of significant growth for BillingPlatform, marked by substantial customer wins, recognition from industry analysts and several awards. The platform announced fresh deals with key market players such as J.P. Morgan, CooperSurgical, Juniper Square, and Class, joining its already substantial roster of major enterprise customers like Carrier, CCC Intelligent Solutions, Cloudera, Panera, DIRECTV, GoCardless and Vantage Towers. BillingPlatform's impressive growth led to its recognition on Deloitte's Technology Fast 500 for the fourth consecutive year, furthermore, it was rated the No. 1 vendor in influential billing and subscription management reports by Forrester Research, MGI Research, and Ventana Research.
Amongst FTV Capital's contributions to BillingPlatform's future growth will be the addition of partners Kyle Griswold and Richard Liu to BillingPlatform's board of directors. Their immense wealth of experience in equity investments will serve to facilitate BillingPlatform's ambitious growth strategy and overall expansion. Since its inception in 1998, FTV Capital has raised a mountainous $6.2 billion, investing over $5.2 billion in 140 portfolio companies. Columbia Capital will also act as a minority investor in BillingPlatform, offering added financial support.
Kyle Griswold stated his observations of BillingPlatform's constant growth and superior product offering spurred FTV Capital's decision for investment. Recognising the broad market demand for cloud-based solutions and the potential of BillingPlatform to accelerate growth in pertinent verticals, Griswold identified BillingPlatform as poised for potential market leadership. Richard Liu echoed these sentiments, expressing that the feedback on BillingPlatform has been "outstanding" and backs up the company's strong market position. He added that BillingPlatform delivers an innovative, highly configurable approach that not only facilitates customers in driving substantial operational efficiency, but also creates new vital revenue streams.
Dennis Wall, CEO of BillingPlatform, warmly received the partnership with FTV Capital, lauding it as a strategic resources boon to further propel BillingPlatform's growth goals and cement its position as the leading enterprise revenue lifecycle management platform. He also expressed his enthusiasm for the added value FTV would introduce through its expertise and understanding of sector trends, as well as its vast Global Partner Network. Combining this with BillingPlatform's global customer base, spanning multiple industries including technology, financial services, media and entertainment, logistics, and communications, Wall anticipates a promising future for the company.
Jasoon Booma, partner at Columbia Capital, expressed the firm's growing conviction in BillingPlatform's market opportunity since its initial investment. He enthusiastically weighs in on the experience and capabilities of BillingPlatform's management team, spacious customer base and definite vision as a major winning formula and eagerly anticipates the next phase of its journey in partnership with the company and FTV Capital.