Chargify Acquires Subscription-Focused Revenue Recognition Software ProRata
Seamlessly integrating Chargify's billing engine with ProRata's reporting will automate and streamline ACS 606/IFRS 15 compliance for subscription businesses.
SAN ANTONIO, Dec. 5, 2018 /PRNewswire-PRWeb/ -- Chargify Acquires Subscription-Focused Revenue Recognition Software ProRata
Seamlessly integrating Chargify's billing engine with ProRata's reporting will automate and streamline ACS 606/IFRS 15 compliance for subscription businesses.
SAN ANTONIO (PRWEB) December 05, 2018 -- Chargify, the leader in enabling subscription businesses to launch, experiment, and personalize offers at scale, announced today that it has acquired ProRata, a cutting-edge provider of automated revenue recognition reporting. Work is well underway to seamlessly integrate ProRata into Chargify in preparation for the mandatory ASC 606 and IFRS 15 accounting standards that will impact businesses across the globe in 2019.
ProRata CEO and co-founder Rob Farmer has joined the Chargify team and shared that he has "dedicated the last 3+ years to making revenue recognition reporting as flexible, accurate, and user-friendly as possible. 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."
As subscription businesses begin to use billing as a competitive edge, constant change creates complexities and downstream implications for finance teams. Additionally, the ASC 606 and IFRS 15 accounting standards that were announced in 2014 will be fully in place for all companies in 2019. The need for compliant revenue recognition reporting has never been more important, as avoiding unnecessary audits could save both time and money.
"Elastic Billing allows SaaS companies to creatively iterate and experiment with packaging and pricing. While this accelerates growth, it can also create a real challenge for the finance side of the business, especially under the new reporting guidelines. With the addition of ProRata, the accounting side of a business can now accommodate these frequent changes without the burden of complicated, labor-intensive reporting," said Chargify's CEO, Tom Rotem.
Chargify and ProRata share the same "there is no one-size-fits-all" mindset and have designed their products around flexibility. Merging the two technologies will help every team within an organization work smarter and add immediate value for both go-to-market and finance teams.
About Chargify
Chargify is a globally-recognized leader in the Recurring Billing and Subscription Management space. Chargify's Elastic Billing platform turns billing into a competitive edge for modern B2B SaaS businesses that want to maximize recurring revenue by continuously experimenting and personalizing offers based on product/customer fit—not just product/market fit.
Founded in 2009 and headquartered in San Antonio, TX, Chargify has helped thousands of businesses manage millions of offers that drive billions in annual revenue. Chargify removes billing bottlenecks and gives front, corner, and back office teams the speed and flexibility to grow faster. Learn more at https://www.chargify.com.
About ProRata
ProRata's reporting suite simplifies and automates revenue recognition for subscription-based businesses. ProRata's highly configurable, ASC 606/IFRS 15 compliant revenue reporting was designed to fit into any companies existing workflows and spare finance teams from managing time-consuming, overly complicated spreadsheets.
SOURCE Chargify
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