It’s been a bustling week on the East Coast in both New York City and Boston. Two of the country’s largest tech hubs experienced a $200 million acquisition after London-based Paddle, a SaaS payment infrastructure company with a large NYC presence, acquired Boston-based ProfitWell, a subscription-based retention analytics platform.
The acquisition, announced on Wednesday, will integrate ProfitWell’s pricing and retention software into Paddle’s taxes, billing and reporting tech which will ultimately allow Paddle customers to receive a “new wave of software.”
“ProfitWell will add huge value to our offering,” Christian Owens, founder and CEO of Paddle, said in a statement. “We couldn’t be more excited to have Patrick [Campbell, CEO of ProfitWell] and the team on board helping us achieve our mission of powering growth for SaaS businesses everywhere.”
Campbell will become Paddle’s chief strategy officer. Additionally, all ProfitWell’s employees will be retained.
Earlier this month, Paddle raised a $200 million Series D that valued the company at $1.4 billion, making it a tech unicorn. The plan with the raise was to strengthen the growth of the platform.
Similarly, ProfitWell has had a successful run prior to being acquired. Some big-name enterprises that utilize ProfitWell include Canva, MasterClass and Notion.
Paddle itself is hiring and has nearly 30 open roles available, some of which can be found on the company’s Built In profile.
