In case you missed it, last week was an exciting time at Intacct. We announced another quarter of strong growth and a new round of funding to open up additional growth opportunities. The migration to cloud ERP software is fueling our momentum and the company continues to execute at a high level.
Strong Growth Continues
Once again, Intacct announced great quarterly results. During our third fiscal quarter, which ended March 31, Intacct delivered a 34% year over year increase in new bookings. Every sector of the business saw strong performance—from our direct sales team to our VAR and CPA channel partners.
Fueling our growth is an increasing number of organizations migrating to the cloud by upgrading from the myriad of Microsoft Dynamics and Sage ERP software flavors to Intacct’s cloud-based ERP software. These companies were being held back by outdated, on-premises systems that don’t offer the flexibility required for today’s dynamic (pun intended) business environment. These companies are finding the move to Intacct offers them greater efficiency, visibility, scalability, and accelerated growth by managing their business in the cloud.
While many tech companies saw their growth slow significantly last quarter, including some in our market sector, we continue to execute extremely well in spite of the less than ideal macroeconomic conditions. In fact, it is likely those broader market condition that are helping. Now more than ever, companies need business systems like Intacct that offer the functional depth to automate complex processes, while also delivering the critical insights needed to transform and grow their business.
Topping Off the Tank
The market for cloud ERP solutions has never been stronger and Intacct is on an impressive growth trajectory. To ensure flexibility as we drive continued growth, Intacct has secured a $40 million round of debt financing through Silicon Valley Bank. While Intacct didn't need to take the new funding, it is always good to be prepared and ensure you have the ability to grow the business with all options on the table.
When asked about the new funding, Intacct CEO Rob Reid noted: "When you are looking at long-term growth, you always have to watch the market and sometimes you take in money before you actually need it to ensure you have the flexibility to take advantage of new opportunities when they arise. This new funding provides us with the latitude to make the best possible business decisions for our company and our customers."
The new financing expands on the backing of Intacct’s existing investors, which include Battery Ventures, Bessemer Venture Partners, Costanoa Venture Capital, Emergence Capital, Morgan Creek Capital Management, Sigma Partners, and Split Rock Partners.
Intacct has a long-standing relationship with Silicon Valley Bank, so they were a natural fit for this round. Brian Fitzpatrick, managing director at Silicon Valley Bank, commented: "The market for cloud ERP software is burgeoning and Intacct is well positioned as it matures to the next phase of growth. Our aim is to help them move their business forward quickly with the right financing, connections, and global services."
With our outstanding growth and some additional funding, the sky's the limit for Intacct. Stay tuned for exciting things ahead. To learn more about how Intacct helps midsized companies accelerate growth, be sure to check out one of our upcoming live product demos.