Summary: We update the MGI 360 rating of Chargebee in Agile Billing to 51 and maintain a NEUTRAL analyst outlook. In the last 36 months Chargebee has gone through a hypergrowth cycle, allowing the company to cross $100M in revenues. It is now evolving toward a more sustainable trajectory. During its rapid expansion, Chargebee raised nearly $470M in venture capital, achieved a unicorn valuation, and acquired several companies to broaden its capabilities to include ARM, churn management, and collections. Chargebee also attempted to push into larger accounts internationally, but its core business remains centered around small, emerging growth companies (below $30M in revenue), usually transitioning from homegrown systems (or no system) and/or seeking to move from QuickBooks to more advanced financials and billing. Transforming the overall offering into a unified, integrated suite of products fit for more sophisticated billing requirements will require significant R&D investment. Meanwhile, private capital markets are tightening and the company is under increasing pressure to cut costs and move towards profitability. Chargebee has a strong founding team and senior leadership group overseeing an energetic but relatively inexperienced sales force. Growth is slowing and competition at the low end of Agile Billing market is fierce. Chargebee needs to define its next act.

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Competitors: JustOn, Maxio, Recurly, Salesforce, Stax Bill, Stripe, Zuora

About MGI 360 Ratings: MGI 360 Ratings score is a uniform 0 to 100 supplier rating system comprised of 149 unique data points. The scores condense hundreds of hours of research into simple, easy to understand ratings and recommendations to clearly demonstrate differences amongst software vendors. The overall score is comprised of five equally weighted major categories that account for up to 20 points in Product, Management, Channels, Strategy, and Finance. Learn more about MGI 360 Ratings.