Paddle, the UK provider of payments infrastructure for SaaS companies, has acquired Boston-based subscription financial reporting company ProfitWell for $200 million.
By integrating ProfitWell’s free financial metrics, as well as its pricing and retention software, subscription businesses will now be able to plug into Paddle and have their taxes, payments, billing, reporting, retention, and pricing all done for them.
Founded in 2012, over 30,000 businesses in more than 100 countries use ProfitWell’s suite of tools to analyse their subscription business and minimise churn on accounts.
Under the deal, Patrick Campbell, CEO of ProfitWell, will become Paddle’s chief strategy officer; CPO Facundo Chamut will become chief product officer; and chief revenue officer Peter Zotto will join the commercial leadership team at Paddle while continuing in his role for ProfitWell.
The acquisition will be funded via Paddle’s recent $200 million Series D fundraise, and will further solidify the firm’s foothold in the US following the recent opening of its New York office.
Paddle’s acquisition of ProfitWell follows a milestone year in 2021, which saw the company more than double its revenue growth and scale its team from 140 to 275.