Intacct Closes $12.3 Million in New Financing
Intacct Closes $12.3 Million in New Financing to Further Accelerate Growth
Split Rock Partners Led the Round and All Existing Investors Participated
SAN JOSE, Calif. – June 9, 2011 – Intacct, a leader in cloud financial management and accounting software, today announced it has raised an additional $12.3 million of financing in a round led by Split Rock Partners, a venture capital firm focused on emerging software and internet services companies. All existing investors, including Bessemer Venture Partners, Emergence Capital, Sigma Partners and Sutter Hill Ventures participated in the round.
Intacct will use this new infusion of capital to fund its aggressive hiring plans and further accelerate the company’s growth rate, which has been the fastest in the cloud financial management and accounting industry. In the company’s fiscal third quarter, ended March 31, the company recorded a 250% year over year growth in new business, including a ten-fold year over year increase in new business from the VAR channel. It was by far the best fiscal third quarter in the history of the company.
“We’re excited to have attracted Split Rock to our portfolio of investors, which already includes several heavy hitters focused on growing cloud computing-based companies,” said Robert Reid, president and CEO of Intacct. “We will be using these new funds to continue to invest in our award-winning cloud financial management and accounting applications. We already have unmatched customer satisfaction and we plan to continue to increase the value we deliver to our customers. We will also use the capital to increase hiring and expand our sales, marketing, and partner programs to significantly accelerate our growth.”
“Cloud computing is fundamentally altering the landscape of the financial applications market and Intacct is well positioned to be the dominant provider of cloud financial management and accounting software for mid-market companies and CPA firms,” said Jim Simons, managing director at Split Rock Partners. “We’ve had our eye on Intacct for some time and have been extremely impressed with their leadership team and the company’s overall execution in a competitive market. We are thrilled to have the opportunity to become actively involved with helping Intacct reach new heights.”
Intacct continues to see small and mid-sized organizations flock to its award-winning suite of cloud financial management and accounting software. Last year, Intacct had a net gain of more than 800 new clients for the calendar year. This drove the company’s market penetration to an all time high – more than 4,000 organizations worldwide are now enjoying the benefits of Intacct for cloud-based financial management.
To learn more about Intacct’s cloud financial management and accounting software, please visit http://us.intacct.com/products/intacct.php.
Intacct is the cloud financial management company. Bringing cloud computing to finance and accounting, Intacct’s award-winning applications are the preferred financial applications for AICPA business solutions. Intacct applications are used by thousands of organizations from startups to public companies and are designed to improve company performance and make finance more productive. Hundreds of leading CPA firms and Value Added Resellers offer Intacct to their clients. The Intacct system includes accounting, contract management, revenue management, project and fund accounting, inventory, purchasing, vendor management, financial consolidation and financial reporting applications, all delivered over the Internet via cloud computing.
Intacct is headquartered in San Jose, California. For more information, please visit www.intacct.com or call 877-437-7765.
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Intacct and the Intacct logo are trademarks of Intacct Corporation. All other company and product names mentioned herein may be trademarks of their respective owners.