Today, I am delighted to announce an important milestone for Recurly: we have been acquired by Accel-KKR, an industry-leading growth equity company. This transaction creates a new partnership which brings together a tremendous set of global investment resources with knowledge from a subscription commerce platform which powers the most recognized subscription brand names in the world.
Throughout 2020, we have witnessed significant acceleration of changes in consumer behavior, resulting in faster growth and expansion of all types of subscription businesses worldwide. AKKR was quick to recognize this meta-trend and identified Recurly as the leading platform to partner with to execute against a shared vision of the future.
Over the last 10 years, Recurly has been fortunate to help businesses easily launch and grow their subscription offerings without requiring massive investments in heavyweight integrations.
We work with thousands of fantastic customers, who each have helped Recurly to gain a better understanding for their business requirements. We have been able to act on the collective patterns and trends we observe across a range of successful subscription businesses to anticipate how to innovate on their behalf.
Recurly was founded in 2010 with the mission to build the world’s best subscription billing platform. We recognized the requirement for a core set of capabilities - which simply did not exist at the time - for businesses that offer products, apps, services, and media on a subscription basis. My co-founder, Isaac Hall, and I are deeply appreciative of our original investors who believed in our founding and early growth.
Now, as we advance into a changing world and new opportunities, we are extremely proud to partner with Accel-KKR. Joining our Board from AKKR are Tom Barnds, Dean Jacobson, and Andy Rich. We look forward to shaping the future of subscription commerce together.
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The value of Recurly is that we no longer have to worry about the different aspects of subscription management. Instead, we can focus on things that are our core competency, like adding value to our service and expanding our offering. That’s been a huge win for us.