ATLANTA, Nov. 1, 2016 /PRNewswire/ -- SaaSOptics, the only subscription management platform designed specifically for growing B2B SaaS and subscription-based businesses, announced today it has closed $1.8M in funding. The company will use the funds to fuel future growth through increased sales and marketing efforts, as well as new platform integrations. SaaSOptics also announced new executive leadership with the addition of Tim McCormick, a B2B software industry veteran, as the company's CEO. McCormick will present on behalf of SaaSOptics during Venture Atlanta 2016, the South's premier event for connecting technology innovation and investment capital, on November 2nd.
Investors participating in the round include Techstars Ventures; local Atlanta entrepreneur and investor, Tom Noonan, who is also chairman of TEN Holdings, founding partner of TechOperators and former CEO of Internet Security Systems (ISS); and Alston Gardner, founder of Fulcrum Equity Partners; alongside the founders, chief executive and other private investors. "SaaS, cloud and subscription license models coupled with a strong focus on business metrics have created a real market need for subscription management that can meet the needs of growth-oriented SaaS businesses," said Ari Newman, Partner, Techstars. "When we first met SaaSOptics, it was easy to see that they were delivering a high value, best of breed solution to an underserved market and we are excited to have them as part of the Techstars portfolio." SaaSOptics was founded in 2009 out of the challenging experience its founders had managing the financial operations of their own growing SaaS business, from start-up to acquisition. They created SaaSOptics out of necessity to manage their growing customer base, contracts, renewals, GAAP-compliant revenue recognition and produce the performance metrics needed to run their business. Most ERP and subscription billing products are out of reach for growing businesses in terms of cost, resources and the time it takes to implement. SaaSOptics delivers a complete subscription management solution that works with basic accounting software and eliminates the dependency on error-prone and disconnected spreadsheets - at an affordable price and takes weeks, not months, to implement.