Recurly Enhances Revenue Recognition Solution, Helping Subscription Businesses Automate Complex Accounting Processes
- 27.09.2022 03:15 pm
Recurly, Inc., a leading subscription management and billing platform for high-growth brands, has announced an agreement to acquire LeapRev, a global revenue recognition and forecasting solution. This acquisition will create a single source for subscription management, recurring billing, and revenue management that empowers Recurly customers to better focus on driving growth among increasingly complex and evolving revenue accounting and reporting standards.
“Recurly powers recurring billing management for many of the world’s leading brands. Part of our customers’ success has resulted from Recurly’s ability to support more granular, pay-as-you-go pricing models. This trend toward enabling greater flexibility in pricing models creates a greater need for accounting automation,” said Dan Burkhart, CEO and Co-Founder at Recurly. “We are delighted to welcome the talented team at LeapRev and deliver a best-in-class solution for the automation of revenue recognition to the world’s most successful subscription businesses.”
Revenue recognition reporting requirements continue to shift, requiring international payments and multi-currency inclusion. The acquisition of LeapRev enhances the revenue recognition capabilities of the Recurly platform, streamlining the complex revenue reporting processes associated with subscription contracts, including FASB (ASC 606/340-40/842) and IASB (IFRS 15) guidelines. Recurly customers will also be able to streamline revenue management across a diverse set of monetization and pricing models and easily account for contract modifications including volume discounts, up-sell, cross-sell, refunds, returns, cancellations, terminations, and price adjustments.
“We are excited to offer deeper capabilities in revenue management. This new solution will help our customers meet reporting and compliance requirements, as well as provide enhanced revenue intelligence and predictability for businesses with a complex mix of pricing and usage models,” said Jonas Flodh, Chief Product Officer at Recurly. “Adding this expanded functionality to the Recurly subscription management and billing platform further enhances our ability to provide automation of the close process, and revenue insights and forecasting across a variety of industries.”
Created by a team of industry veterans, LeapRev’s platform delivers a next-generation revenue management application in order to automate customer’s accounting standards.
“We are excited to join the Recurly team and continue the mission of simplifying the complexities of subscription management,” said Aswin Kurella, Co-Founder, LeapRev.
“This is a powerful combination to continue to scale high-growth companies,” said Seshagiri Chilukuri, Co-Founder of LeapRev.