Intacct Grows Fourth Quarter Bookings by 94 Percent Fastest Growing Mid-Market Cloud Financial Software Vendor Accelerates Annual Growth For Full Fiscal Year
SAN JOSE, Calif., July 24, 2014 /PRNewswire/ -- Leading the industry shift to modern, cloud-based financial applications and away from outdated, on-premises systems built by traditional suppliers like Microsoft and Sage, Intacct today announced another quarter of impressive growth, with bookings for the company's fourth fiscal quarter increasing 94% over the previous year. This strong performance fueled accelerated bookings growth for the full year as well, delivering the strongest fiscal year in the company's history.
This outstanding performance was supported across all distribution channels within Intacct, including the Intacct Accountants Program, Value Added Resellers, and direct sales teams. Contract renewals from existing customers also remained strong, with Intacct customers adding users and additional applications in record amounts again this quarter.
"Intacct's ongoing success is a direct result of the dedication of our team and partners in delivering innovation to mid-market companies seeking to outpace their competition," said Robert Reid, CEO of Intacct. "The shift from traditional on premises financial software to modern cloud financials is in full swing, as organizations seek to gain not only cost advantage, but agility and growth advantage in harnessing powerful cloud applications to run their business. Companies running their finances on Intacct are able to grow faster, and scale farther, to an Initial Public Offering (IPO) and beyond. Some of the most successful publicly traded technology companies run on Intacct, and in the past fiscal year, many more joined their ranks."
Stoking the company's accelerating momentum, Intacct added $45 million in new financing earlier this year, the majority in a $30 million venture funding round led by new Intacct investor Battery Ventures. Chelsea Stoner, a general partner at Battery Ventures, also joined the Intacct Board of Directors. The round included all existing active investors, including Bessemer Venture Partners, Costanoa Venture Capital, Emergence Capital, Sigma Partners, and Split Rock Partners, as well as new investor Morgan Creek Capital Management.
Intacct's growth is built on the consistent delivery of innovation to the financial management community. In June, the company launched Intacct Performance Cards, delivering the fastest business insights from any financial management system.
The company's success has been acknowledged across the industry. In the last six months, Intacct's products and employees have been recognized for a long list of achievements.
The company was selected for the fifth consecutive year to the AlwaysOn OnDemand 100 Top Private Companies list, was the highest-rated midsize software company in the Bay Area News Group's "Top Workplaces for 2014," and declared by the Silicon Valley Business Journal and the San Francisco Business Times as one of the "Best Places to Work in the Bay Area" for 2014. CEO Rob Reid was named Glassdoor's 2014 Highest Rated CEO in the small and medium-sized business (SMB) category.
Intacct's Partner Program was honored again with a 5-Star Rating from CRN, who also named Taylor Macdonald, vice president of channels, one of their 50 Most Influential Channel Chiefs and Stephanie Kleber, channel and sales enablement manager, one of CRN's Top Women in the Channel for the second consecutive year.
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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, in use by more than 7,300 organizations from startups to public companies, 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 recognition, project and fund accounting, inventory management, purchasing, vendor management, financial consolidation and financial reporting applications, all delivered over the Internet via cloud computing.
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.