With latest acquisition, hyper-growth startup Chargebee leverages automation to enable subscription businesses to reduce online cancels while growing customer lifetime value
Chargebee, the leading subscription management platform, announced it has acquired customer retention platform Brightback, combining two best-in-class platforms to maximise 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 percent of D2C brands will offer subscription services, but only 20 percent will succeed in increasing customer retention. Brightback offers automated solutions to increase customer retention and lifetime value by reducing on average 23 percent 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 personalise customer experiences, retain more users and optimise 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.