SAN FRANCISCO, Aug. 12, 2020 (GLOBE NEWSWIRE) -- Recurly, Inc., the leading platform powering subscription commerce, today announced that it has received a majority equity investment from Accel-KKR, a leading technology-focused private equity firm.
Recurly provides subscription management solutions, deep payments expertise, and data-driven billing intelligence to optimize subscription revenue growth for businesses. Today, more than 2,100 businesses rely on Recurly's subscription management and billing platform to manage over 30 million active subscribers, generate billions of dollars in revenues, and optimize revenue growth. Some of the world’s top brands have chosen Recurly to power their subscription operations, including Sling TV, Twitch, BarkBox, FabFitFun, CBS Interactive, Cinemark, LiveChat, FuboTV, and Codecademy.
This news comes in the wake of strong corporate momentum and growth for Recurly. The company reports a 38% year-over-year increase in active subscriptions under management from June 2019 to June 2020 and a 210% year-over-year growth in net new bookings. Additionally, as a result of the wide-spread global expansion of subscription commerce, Recurly has significantly expanded its global capabilities enabling payment acceptance in 140+ currencies and multilingual customer communications in 18 languages.
The new partnership will provide significant additional capital and resources to make continued investments in Recurly’s technology and platform innovation and expand its go-to-market initiatives.
“We are very excited about this partnership with Accel-KKR. Recurly is committed to ensuring that leading subscription businesses are equipped with the best technology platform to power their success and Accel-KKR is fully supportive of our mission,” said Dan Burkhart, CEO and Co-Founder of Recurly. “We find a lot of credibility in Accel-KKR’s expertise in partnering with businesses around the confluence of payments, commerce and subscription technology. We see tremendous opportunities to leverage their resources toward our continued mission to make subscriptions a competitive advantage that drives unrivaled growth for leading brands worldwide.”
“Global subscription commerce is already generating trillions of dollars in revenues and is estimated to grow at 18% CAGR over the next five years. As such, businesses of all shapes and sizes are quickly grasping the value of having a subscription model as a critical piece, if not the cornerstone, of their growth strategy,” said Dean Jacobson, Managing Director of Accel-KKR. “Recurly’s deep set of subscription management solutions and powerful insights gained from billions of transactions have proven to drive significant outcomes for their clients. We look forward to working with Dan and the entire Recurly team and continue to deliver ‘first-in-class’ innovations in subscription management and monetization.”
About Recurly:
Recurly makes subscriptions a competitive advantage for leading brands worldwide. Recurly’s subscription management and billing platform manages billions of dollars in subscription revenues for companies in digital media, streaming, publishing, SaaS, consumer goods, and professional services industries. Over 2,100 brands, including Sling TV, Twitch, BarkBox, FabFitFun, CBS Interactive, Cinemark, LiveChat, and FuboTV, have chosen Recurly’s SaaS platform to sustainably grow their revenues, efficiently manage their subscriptions, optimize payment acceptance, automate recurring billing operations, recover millions of dollars in lost revenue due to churn, and improve decision-making with deeper insights. Founded in 2010, Recurly has over 240 employees with offices in San Francisco, Boulder, and New Orleans. For more information, visit recurly.com.
About Accel-KKR:
Accel-KKR is a technology-focused investment firm with over $9 billion in capital commitments. The firm focuses on software and IT-enabled businesses, well-positioned for topline and bottom-line growth. At the core of Accel-KKR’s investment strategy is a commitment to developing strong partnerships with the management teams of its portfolio companies and a focus on building value alongside management by leveraging the significant resources available through the Accel-KKR network. Accel-KKR focuses on middle-market companies and provides a broad range of capital solutions including buyout capital, minority-growth investments, and credit alternatives. Accel-KKR also invests across a wide range of transaction types including private company recapitalizations, divisional carve-outs and going-private transactions. Accel-KKR is headquartered in Menlo Park with additional offices in Atlanta and London. Visit accel-kkr.com for more.
Media Contacts:
Recurly: Jake Katz, OutVox - jkatz@outvox.com
Accel-KKR: Todd Fogarty, Kekst CNC - todd.fogarty@kekstcnc.com