SAN JOSE, Calif., April 26, 2012 /PRNewswire/ -- Intacct, a leading provider of cloud financial management and accounting software, today announced record results for the company's third fiscal quarter, ended March 31. With growth across all channels, Intacct increased new business during the quarter by 69% over the prior year. Intacct's existing customers also added new users and subscribed to additional modules in record numbers. This resulted in another record quarter for revenue.
Intacct's investments in building a world-class channel program have paid off, as this is quickly becoming a key growth driver for the company. Intacct partners are continuing to close new business at a record pace and the time to first sale for new partners continues to decrease. Intacct's relationship with the American Institute of Certified Public Accountants (AICPA) and CPA2Biz also remains an important component of the company's go-to-market strategy, helping to strengthen the company's position with CPA firms and business process outsourcers. New business through this portion of the channel more than doubled during the quarter versus the prior year.
Through both its direct and indirect channels, Intacct continues to see widespread customer migration from companies that have outgrown QuickBooks, and those who want to replace outdated, on-premises financial software with Intacct's modern, cloud-based financial system. As the economy picks up, these companies are moving away from just focusing on cost savings and now looking for ways to fuel faster growth for their business.
Intacct's cloud financial management and accounting applications help companies of all sizes automate financial processes, gain improved visibility and insight into their business, and drive top line revenue growth. For example, three of seven software companies that completed their initial public offerings last quarter – Guidewire, Brightcove, and Demandware – are Intacct customers. In addition, both Guidewire and Demandware initially graduated from QuickBooks to Intacct and have been on the Intacct system for more than four years.
Intacct's company momentum has not gone unnoticed in the industry. Intacct received a number of accolades during the quarter, including:
- PC Magazine named Intacct one of the Top 25 Small Business Apps of 2012
- AlwaysOn named Intacct to its OnDemand 100 list of the top private software companies
- CRN named Intacct to its list of the "20 Coolest Cloud Software Vendors of 2012"
- CRN named Taylor Macdonald to its list of the top Channel Chiefs of 2012
- Lead411 named Intacct to its 2012 Hot Companies list
"This was another outstanding quarter for the company, as we continued our rapid growth," said Robert Reid, president and CEO of Intacct. "It is all about delivering value to our clients. We've differentiated ourselves from the competition through an intuitive product with deep financial capabilities that helps companies improve their business, coupled with exceptional ROI and high levels of customer satisfaction. We are well positioned to meet the needs of our target market and outpace the growth our competition through a focused commitment to our customers."
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 more than 5,000 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 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. QuickBooks is a registered trademark of Intuit. All other company and product names mentioned herein may be trademarks of their respective owners.