Chargify acquires rev rec reporting tool ProRata
Online billing software provider Chargify announced it has acquired ProRata, a SaaS-focused reporting and analytics platform that automates ASC 606 and IFRS 15 compliant recognition.
The deal will bolster Chargify customers’ ability to comply with the new revenue recognition standards that go into effect in 2019.
ProRata, which provides revenue recognition integration for QuickBooks and Xero, will be added to Chargify’s platform, giving customers access to the company’s flexible and polished reports. Chargify will roll out the new reports to customers at no additional cost before it is fully integrated.
The ProRata team will be joining Chargify. Terms of the deal were not disclosed.
“While scoping the project, we discovered ProRata, who had built a powerful revenue recognition integration for QuickBooks and Xero,” Chargify CEO Tom Rotem wrote in a blog post announcing the deal. “We connected with their team and were impressed by their knowledge, experience and flexible approach to reporting automation. The conversations quickly progressed, and we concluded that it was an obvious fit for many reasons.”
“I’ve dedicated the last three-plus years to making revenue recognition reporting as flexible, accurate, and user-friendly as possible,” said Rob Farmer, CEO and founder of ProRata, in a statement. “We’ve helped companies report on over $600 million in recurring revenue, and I’m excited to have that number quickly jump to billions after making ProRata’s reporting available to Chargify’s customer base.”
Chargify’s latest subscription numbers are 23 million managed and 122 million renewals to date. The company also reports $3 billion in revenue processed.
More information is available here.