Revamped SaaS Developer Raises $29 Million in Past Nine Months.
Intacct, a revived up-and-comer in on-demand financial management and accounting applications, said it has raised an additional $15 million of financing in a round led by Bessemer Venture Partners. Existing investors Emergence Capital, Sigma Partners, and Sutter Hill Ventures all participated in the round. When combined with $14 million raised in June 2007, Intacct has raised $29 million in the past nine months, ranking it among the top funded software companies over the past year.
The announcement was made at Software 2008 in Las Vegas, where Intacct is being recognized as one of the top innovators in the software industry.
“We’re delighted to welcome Bessemer to our team,” said Mike Braun (pictured), president and CEO of Intacct. “The past year has put Intacct on an entirely different and much higher growth trajectory. This success has attracted additional capital which we’ll use to drive continued innovation across our award winning family of financial applications, and to expand into additional vertical markets and channels.”
Bessemer Venture Partners is the nation’s oldest venture capital firm and one with a truly global footprint. The firm has been especially active in Software as a Service (SaaS), with investments in such companies as LinkedIn, Postini and Eloqua. Bessemer, together with Bay Partners, has also set up a special fund to invest in companies committed to salesforce.com’s Force.com platform.
“Intacct is a disruptive player in the vast and proven market for financial applications. While today’s market is dominated by large companies with client/server products, the future will belong to the Software as a Service model,” said Byron Deeter, partner at Bessemer Venture Partners. “Intacct offers growing businesses access to superior financial applications, rapid innovation and best of breed partnerships – all in all, a better value proposition. BVP’s investment will help the company accelerate growth through expanded product development and client acquisition efforts.”
Intacct continues to experience record demand for its SaaS financial management and accounting applications and accelerated client adoption, resulting in strong year over year financial growth and significant hiring across the organization. In addition, Intacct has added talented industry leaders from Ariba, Google, Intuit, Mirapoint and Postini to its executive team over the past several months.
About Bessemer Venture Partners
Bessemer Venture Partners is a global investment group with offices in Silicon Valley, Boston, New York, Mumbai, Bangalore, Beijing, and Tel Aviv. As the oldest venture capital practice in the United States, Bessemer has helped to pioneer the software industry over the last several decades with investments in leading companies such as Veritas, Parametric, Keynote Systems, VeriSign, and Skype. Bessemer currently has one of the largest software portfolios in the venture capital industry with more than 25 active software investments, including industry leaders such as Bladelogic, BroadSoft, Endeca, Netsmart Technologies, Portrait Software, Parallels, Tripwire, and Vertica. Bessemer’s software practice is now primarily focused on Software as a Service and the firm has been among the most active investors in this emerging market, with investments including Cornerstone OnDemand, Eloqua, LinkedIn, Perimeter eSecurity, Postini (recently acquired by Google), Retail Solutions, and Select Minds.
About Intacct
Intacct is a market and technology leader in on-demand financial management and accounting applications. The company’s award-winning solutions are used by thousands of businesses, from startups to public companies, to manage and share financial, supply chain, and professional services information. Intacct automates key business processes from order entry through cash collection and procurement through vendor payment. The Intacct system includes accounting, contract management, revenue recognition, inventory, purchasing, vendor management, project management, payroll, and financial reporting applications, all delivered over the Web via Software as a Service. Intacct is the only on-demand financial management solution seamlessly integrated with salesforce.com. As a company grows, Intacct’s deep and mature applications, SAS 70 Type II certification, and documented processes support Sarbanes-Oxley compliance for public enterprises.
Intacct is headquartered in San Jose, California, with operations in Bangalore, India.
ALSO: Wall Street Journal blogs: “Last year, as “software as a service†became a business-tech buzzword and more online-software companies started going public, some new investors decided to give Intacct a second chance. A cash infusion and a leadership change later, the company has started to bounce back. New CEO Michael Braun says Intacct racked up 5,000 new subscribers last year and has added an additional 2,000 or so this year, compared with 10,000 total users in the company’s first seven years of operations. The key to success: Targeting customers—usually those with between 20 and 500 employees—that have outgrown Intuit’s widely used QuickBooks accounting product and need something more sophisticated.”
