Summary: We update the MGI 360 Rating of Recurly in the Agile Billing market at 52 and maintain a NEUTRAL analyst outlook. Recurly billing solution is aimed at B2C organizations with low product/pricing/offer complexity and low-to-medium billing volumes. The solution has a particularly strong appeal for initiatives that are IT-light and/or are led by product management and marketing groups. This is typically not the choice of developer-first initiatives. The predominant focus is on digital services in media, publishing, streaming services – and B2C/D2C subscription businesses. Recurly has expanded from a point-product orientation to a mini-suite, AMP like platform that provides a combination of billing, Automated Revenue Management, analytics, integrated payment processing and subscriber churn management. Agility is one of the strong aspects of the Recurly solution as it allows customers to quickly model, launch and iterate on pricing and packaging methods. The focus on helping growth businesses launch their subscription businesses has been a double-edged sword as many have run into the limits of the Recurly capability range and faced a migration dilemma. The company has gone through a significant growth spurt after its acquisition by growth equity firm Accel-KKR and through the rapid Covid-driven expansion of e-commerce. Integration of payment processing into the Recurly solution catalyzed this period of growth. Our analysis indicates a moderation of the topline growth curve and coincidentally an uptick in turnover of its direct sales team. Recurly sees its success as being the leader at the low to mid-tier of the market, calling itself a “better Stripe than Stripe.” Within its sweet spot, this is a proven solution with an expanding functional footprint.
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Competitors: Chargebee, Maxio, Stax Bill, Stripe, Vindicia
