Vindicia, a leading provider of strategic on-demand billing solutions, today announced it has secured $20 million in series E financing, bringing the total amount raised to over $41 million.
New investor FTV Capital led the financing in partnership with existing investors Bertelsmann Digital Media Investments (BDMI) -- a wholly owned subsidiary of Bertelsmann AG, a leading international media company -- DCM and ONSET Ventures. The company also announced that FTV Capital Partner Eric Byunn has joined its board of directors. Byunn brings expertise in digital content and services and held prior roles at myCFO and Netscape.
Vindicia will use this latest round of capital to further expand its sales, services and marketing teams and the success it has already established for its clients and market leaders across the software, gaming, dating and digital media/content industries including Symantec, Intuit, Activision/Blizzard Entertainment, Atari/Cryptic, Fuel Industries, TransUnion Interactive and Encyclopaedia Britannica. The company is also in its fifth year of compliance with the critical PCI security standard and SAS 70 auditing standard.
"Vindicia is the clear leader in a rapidly growing market, offering a highly differentiated solution that delivers demonstrable ROI by understanding the relevance of billing and payments to the sales and marketing efforts of digital merchants," said Byunn. "The company has a highly talented management team and a robust technology platform, and has proven it can successfully innovate and execute to serve the sophisticated billing and subscription needs of its clients."
"This additional funding is a testament to the market changing dynamics of online billing software," said Gene Hoffman, Chairman and CEO of Vindicia. "Our ability to help clients collect otherwise lost revenue, to the tune of $45 million over the past year alone, highlights the business value we bring to our clients. This investment and the expertise that FTV brings to the board will accelerate our market penetration across these diverse digital markets."