SaaSOptics, a cloud-based subscription platform, steps into the limelight as they announce a newly closed $1.8 million funding round, prepare to present at Venture Atlanta, and add new executive leadership. Tim McCormick, a B2B software industry veteran, will now serve as the company’s new CEO.
“The decision to join SaaSOptics was easy,” McCormick tells Hypepotamus. “With nearly 300 customers worldwide and over $1.6B in managed revenue, we are poised to build on this success and accelerate our leadership position in the early stage through high growth SaaS market. I’m looking forward to the opportunity to leverage my marketing and sales experience to help both SaaSOptics and our customers grow.”
With 30 years of business development experience under his belt, McCormick led multiple B2B software companies through acquisition. He was a founding member and VP of Marketing for Internet Security Systems (ISS), where he saw the company through two IPOs and an acquisition by IBM.
From audits and reporting to invoicing, financial metrics and revenue analytics, SaaSOptics provides a cloud-based financial solution for subscription businesses providing affordable, comprehensive GAAP-compliant revenue reporting. Today, they serve over 300 customers who invoice over $1.5 billion in revenue.
“We built SaaSOptics because we lived the daily challenges of managing our customer subscriptions in our own SaaS business,” Chief Operating Officer David Ryan tells Hype. “After years of struggling with spreadsheets and disconnected processes, we created SaaSOptics. We want to help others eliminate the same challenges we faced and ease the pain of subscription management so they can focus on growing their business.”
The startup has kept its head down while they focused on sales and product development in the last few years. Now, with a new influx of funds, SaaSOptics is looking to increase sales and marketing efforts as well as new platform integrations.
The investors participating in this round include Techstars Ventures; local Atlanta entrepreneur and investor; Alston Gardner, founder of Fulcrum Equity Partners, and Tom Noonan, who is also chairman of TEN Holdings, founding partner of TechOperators and former CEO of Internet Security Systems (ISS).
“SaaSOptics is well positioned to be the subscription management platform of choice for high growth companies and seize a unique opportunity to leverage a rapidly growing SaaS market,” said Noonan, one of the investors. “The founders have done a fantastic job building out the platform and growing their customer base and I’m thrilled to help them get to the next level as the leader in the B2B subscription management market.”