Subscription management platform Chargebee announced on Tuesday (January 18th) that it has acquired customer loyalty platform Brightback.
The company says the move combines “two best-in-class platforms to maximize revenue growth capabilities for global customers” and follows Chargebee’s recent acquisition of RevLock, a revenue recognition company.
“During the pandemic, we have seen a huge increase in new customers for subscription businesses around the world. As the world continues to reopen, a challenge facing many of these businesses now is how to retain and grow those customer relationships,” said Krish Subramanian, CEO and co-founder of Chargebee, in a press release.
Company points to Gartner research that predicts that by next year, 75% of direct-to-consumer (D2C) brands will offer subscription services, while only 20% will be successful in driving customer loyalty .
Learn more: Subscription platform Chargebee secures $125 million in venture capital
By combining their services, the two companies can enable merchants to use subscriber data to implement automated workflows and machine learning to personalize the customer experience, build user loyalty and increase sales. income.
“Brightback’s integration partnership with Chargebee has enabled some of the fastest growing startups, including Hopin, TouchNote, and ScreenCloud, to rapidly launch and scale high-performance retention streams,” said Guy Marion, CEO and Founder of Brightback.
“Our businesses have similar growth goals and our mission and values are highly aligned, so we look forward to accelerating the adoption of customer retention best practices and benchmarks across the industry, while transitioning smoothly into the Chargebee family.”
Chargebee says the Brightback team will join its employees in offices around the world – as well as working remotely – with the Brightback leadership team joining Chargebee management.
Founded in 2011, Chargebee’s serves over 3,500 subscription businesses, helping to automate their revenue operations. The Company’s customers include Okta, Freshworks, Calendly and Study.com.
Last year, Chargebee raised $125 million in Series G funding, a round designed to fuel the company’s expansion efforts and value the company at $1.4 billion.