Paddle is acquiring ProfitWell a subscription management firm
According to the recent announcements, Paddle which is a financial service provider company and handles all financial processes including tax, payments, billing, reporting, retention and pricing for B2B and B2C SaaS based companies is acquiring ProfitWell. ProfitWell which is a Boston headquartered subscription revenue automation company and helps subscription-based companies in analysis and automate their prices to generate growth and reduce cancellation.
“Paddle and ProfitWell share a common goal: maximizing our software customers’ revenue by taking care of the operational and financial obstacles that cost unnecessary time and manpower. Both companies aim to “do it for you”, rather than just help you solve it,” said Christian Owens, Paddle’s CEO and co-founder, in a statement. “That’s why we’re thrilled to announce we’re acquiring ProfitWell. Having created the number one subscription metrics product in the market, and cemented its reputation as a renowned authority on revenue growth in the $400 billion SaaS industry, ProfitWell will add considerable value to our offering. We couldn’t be more excited to have Patrick and the team on board helping us achieve our mission of running and growing SaaS businesses automatically.”
All the employees of ProfitWell will join Paddle including the co-founders. The co-founder Patrick Campbell will join paddle as the Chief Strategy Officer and Facundo Chamut will become Chief Product Officer.
Paddle has more than 3000 SaaS based companies to maintain their financial needs including Bluejeans, Verizone, MacPaw, Framer and TailwindLabs, and ProfitWell has more than 30,000 subscription-based customers including some renowned companies like Canva, Hubspot, Autodesk, Masterclass, and Notion.
The deal is finalized in 200 million including cash and equity which will be funded from the Paddle’s recent Series D fundraise.
“At ProfitWell, we’re committed to supercharging revenue growth for some of the most exciting, forward-thinking businesses on the planet – and by joining forces with Paddle we see an opportunity to do even more. Paddle shares our mission to help thousands of software businesses avoid the operational hurdles that stand in the way of growth by taking these problems on completely ourselves. Those shared objectives, combined with the natural cultural fit between our two companies, meant adding our subscription metrics and retention tools to the offering just made perfect sense. We’re delighted to have the opportunity to bring our teams together to build a truly holistic, powerful payments infrastructure at the heart of the SaaS market.” Said Patrick Campbell, CEO and co-founder of ProfitWell.
ProfitWell customer’s will seamlessly port to paddle and continue to enjoy the services withuot any obstacle.