With latest acquisition, hyper-growth startup Chargebee leverages automation to enable subscription businesses to reduce online cancels while growing customer lifetime value
San Francisco, Calif., Jan. 18, 2022 (GLOBE NEWSWIRE) -- Chargebee, the leading subscription management platform, announced it has acquired customer retention platform Brightback, combining two best-in-class platforms to maximize revenue growth capabilities for global customers. On the heels of the recent acquisition of RevLock and global expansion, this acquisition signals rapid growth for industry leader Chargebee.
“During the pandemic, we saw a huge uptick in new customers for subscription businesses around the globe. As the world continues to reopen, a challenge facing many of those businesses is now how to retain and expand those customer relationships,” said Krish Subramanian, CEO and co-founder of Chargebee. “We are excited to welcome Brightback to the Chargebee team to unlock growth potential and seamlessly offer ways in which to retain current customers while also attracting new ones to grow business.”
Gartner predicts that by 2023, 75% of D2C brands will offer subscription services, but only 20% will succeed in increasing customer retention. Brightback offers automated solutions to increase customer retention and lifetime value by reducing on average 23% of online cancellations, retaining free trials, and surfacing benchmarked intelligence. With the first-class Chargebee integration, merchants can pull in subscriber data to seamlessly set up automated workflows and machine learning to test, target and personalize customer experiences to retain more users and optimize revenue.
"Brightback's integration partnership with Chargebee has enabled some of the fastest-growing startups, including Hopin, TouchNote, and ScreenCloud, to quickly launch and evolve high-performance retention flows," said Guy Marion, CEO and founder of Brightback. "Our companies have similar growth goals and our mission and values are very aligned, so we look forward to accelerating the adoption of customer retention best practices and benchmarks across the industry, while smoothly transitioning into the Chargebee family."
Brightback’s team will join Chargebee in various offices and remotely across the world, including the addition of Brightback’s executive team to Chargebee’s leadership team. This is the latest acquisition for Chargebee after acquiring revenue recognition provider RevLock last year to expand product offerings based on feedback received from clients and growing market demand.
Chargebee is the subscription management platform that automates revenue operations of over 3,500 high-growth subscription-based businesses from startups to enterprises. The SaaS platform helps subscription businesses across verticals, including SeaS, eCommerce, e-learning, IoT, Publications, and more, manage and grow revenue by automating subscription, billing, invoicing, payments, and revenue recognition operations and provides key metrics, reports, and business insights. Founded in 2011, Chargebee counts businesses, like Okta, Freshworks, Calendly, and Study.com amongst its global customer base. Learn more about Chargebee at www.chargebee.com
Brightback is the first customer retention solution that automatically saves customers at the moment of cancel. Trusted by high volume subscription businesses like Freshly, Vital Proteins, ClickFunnels, Hopin, KeepTruckin, and MeUndies, Brigthtback helps retention leaders deflect churn with personalized cancel experiences, optimize offboarding processes through testing and targeting and gather aggregated insights to drive product and company improvements. Headquartered in San Francisco, Brightback is a remote-first company with a team of subscription-industry veterans located across the United States. Sign up for a free trial of Brightback at www.brightback.com, with plans starting at $250/mo.
CONTACT: Penny Desatnik Chargebee firstname.lastname@example.org