Intacct Secures $13.5 Million in Additional Funding to Further Fuel Growth
Includes Combination of Venture Funding from Existing Investors, Led by Split Rock Partners, and Line of Credit from Silicon Valley Bank
ORLANDO, Oct. 18, 2012 /PRNewswire/ -- Intacct, a leader in cloud financial management and accounting software, today announced it has secured an additional $13.5 million of financing in a combination of venture funding and a debt facility. The additional funds will be used to drive continued growth through extended product innovation and expanded distribution channels. In a separate press release, Intacct also announced outstanding growth in new customer bookings of more than 97% for its first fiscal quarter, ended September 30.
"Intacct enjoys the backing of some of the most successful venture capital firms in the nation, and they continue to invest in the future of our business," said Robert Reid, president and CEO of Intacct. "As evidenced by our consistent growth, we have outstanding momentum and these new funds will provide an even stronger foundation for future growth."
The majority of the new financing was secured through a $7.5 million venture funding round led by Split Rock Partners. The round featured all existing investors, including Bessemer Venture Partners, Emergence Capital, Sigma Partners, and Sutter Hill Ventures. The remainder of the funding came in the form of a $6 million line of credit with Silicon Valley Bank.
"Cloud business applications are in the midst of a surge in adoption and Intacct has positioned itself to be a major player in this space for the long term," said Jim Simons, managing director at Split Rock Partners. "We've been extremely impressed with Intacct's execution and growth since we first invested in the company back in 2011. We are excited to have the opportunity to provide additional backing and help the company achieve its lofty goals."
"Silicon Valley Bank has enjoyed a long relationship with Intacct and we are excited to expand it through this debt financing. Intacct is a pioneer of the Software as a Service business model and we are proud to have them as a client," said John Willard, senior vice president at Silicon Valley Bank.
To learn more about Intacct's cloud financial management and accounting software, please visit http://us.intacct.com/our-products/manage-your-business/intacct-online-accounting-software.
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 5,000 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 management, 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.
SOURCE Intacct Corporation
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