ATLANTA, Nov. 1, 2016 /PRNewswire/ -- SaaSOptics, the only subscription management platform designed specifically for growing B2B SaaS and subscription-based businesses, announced today it has closed $1.8M in funding. The company will use the funds to fuel future growth through increased sales and marketing efforts, as well as new platform integrations. SaaSOptics also announced new executive leadership with the addition of Tim McCormick, a B2B software industry veteran, as the company's CEO. McCormick will present on behalf of SaaSOptics during Venture Atlanta 2016, the South's premier event for connecting technology innovation and investment capital, on November 2nd.
Investors participating in the round include Techstars Ventures; local Atlanta entrepreneur and investor, Tom Noonan, who is also chairman of TEN Holdings, founding partner of TechOperators and former CEO of Internet Security Systems (ISS); and Alston Gardner, founder of Fulcrum Equity Partners; alongside the founders, chief executive and other private investors.
"SaaS, cloud and subscription license models coupled with a strong focus on business metrics have created a real market need for subscription management that can meet the needs of growth-oriented SaaS businesses," said Ari Newman, Partner, Techstars. "When we first met SaaSOptics, it was easy to see that they were delivering a high value, best of breed solution to an underserved market and we are excited to have them as part of the Techstars portfolio."
SaaSOptics was founded in 2009 out of the challenging experience its founders had managing the financial operations of their own growing SaaS business, from start-up to acquisition. They created SaaSOptics out of necessity to manage their growing customer base, contracts, renewals, GAAP-compliant revenue recognition and produce the performance metrics needed to run their business. Most ERP and subscription billing products are out of reach for growing businesses in terms of cost, resources and the time it takes to implement. SaaSOptics delivers a complete subscription management solution that works with basic accounting software and eliminates the dependency on error-prone and disconnected spreadsheets – at an affordable price and takes weeks, not months, to implement.
From audits and reporting to automating order and renewal processes to invoicing and payments, financial metrics and revenue analytics, SaaSOptics helps SaaS and subscription-based businesses easily manage the entire subscription management lifecycle, scaling with the business as it evolves and helping to accelerate revenue generation and growth.
In addition to funding, Tim McCormick has joined SaaSOptics as CEO. With over 30 years of sales, marketing and business development experience, he has led multiple B2B software companies from startup through acquisition. Tim was a member of the founding management team and vice president of marketing for Internet Security Systems (ISS), where he increased market share and grew the company's revenue from $5M to over $400M. He also saw the company through a successful IPO in 1998 and in 2006, when ISS was acquired by IBM for $1.9B, served as vice president of the business solutions group. Tim will leverage his growth experience to raise company awareness and scale sales and marketing to meet growing customer demand.
"The growing demand for our market-leading subscription management platform makes this an exciting time to join SaaSOptics," said Tim McCormick, CEO of SaaSOptics. "I am committed to building on our success to date, accelerating our leadership position in the burgeoning SaaS market and building even greater customer success, which is the foundation for everything we do."
SaaSOptics provides an affordable and flexible subscription management platform for growing SaaS and subscription-based businesses. Founded in 2009 by entrepreneurs who lived the challenges of running their own SaaS business, SaaSOptics is the only solution that can scale with a growing business, providing the day-to-day financial management capabilities needed, and the auditing, reporting and analytics that are critical for future growth. As the SaaS industry standard for subscription management, nearly 300 customers trust SaaSOptics to invoice over $1.6 billion in revenue. For more information, visit www.saasoptics.com.
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