Private equity firm Apollo Global Management will take Rackspace private in the all-cash deal.
The vendor provides services to digital goods retailers that sell subscriptions.
Vindicia, which offers marketing and sales billing services, including to digital goods retailes that sell subscriptions, says it will use the funds to expand its sales, services and marketing teams.
“This additional funding is a testament to the market-changing dynamics of online billing software,” says 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.”
Key to Vindicia’s success is its measurable results, says Eric Byunn, FTV capital partner.
“Vindicia offers 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,” he says.
Vindicia says that it has raised more than $41 million in five rounds of funding.