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SAN JOSE, Calif. – May 5, 2016 – Intacct, a leading provider of best-in-class cloud ERP software, today announced it has secured an additional $40 million of financing. The new debt facility with Silicon Valley Bank will be available to provide flexibility and drive continued growth. In a separate press release, Intacct also announced another quarter of strong growth, with a year over year increase in new bookings of 34% for its third fiscal quarter, ended March 31.
The market for cloud ERP solutions has never been stronger and Intacct is on an impressive growth trajectory. As mid-sized companies increasingly move their business systems to the cloud and ditch their outdated, on-premises financial systems from Microsoft, Sage, and other similar vendors, Intacct is reaping the benefits. Intacct offers these companies deep financial capabilities, the scalability to grow along with them, and unmatched levels of customer satisfaction.
“Our consistent growth and strong financial results are proof of the outstanding momentum we have in the market,” said Robert Reid, CEO of Intacct. “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, including Battery Ventures, Bessemer Venture Partners, Costanoa Venture Capital, Emergence Capital, Morgan Creek Capital Management, Sigma Partners, and Split Rock Partners.
“Silicon Valley Bank has worked closely with the Intacct team for more than a decade and we’re pleased to continue our partnership,” said Brian Fitzpatrick, managing director at Silicon Valley Bank. “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.”
For more than 30 years, Silicon Valley Bank (SVB) has helped innovative companies and their investors move bold ideas forward, fast. SVB provides targeted financial services and expertise through its offices in innovation centers around the world. With commercial, international and private banking services, SVB helps address the unique needs of innovators. Learn more at www.svb.com.
Sage Intacct is the innovation and customer satisfaction leader in cloud Financial Management. With the powerful combination of Sage and Intacct, the Sage Business Cloud offers the best capabilities of both companies. Bringing cloud computing to finance and accounting, Sage Intacct’s innovative and award-winning applications are the preferred financial applications for AICPA business solutions. In use by organizations from startups to public companies, Sage Intacct is designed to improve company performance and make finance more productive. Hundreds of leading CPA firms and Value Added Resellers also offer Intacct to their clients. The Sage Intacct system includes accounting, cash management, purchasing, vendor management, financial consolidation, revenue recognition, subscription billing, contract management, project accounting, fund accounting, inventory management, and financial reporting applications, all delivered through the cloud.
Sage Intacct is based in San Jose, California and an entity of Sage, the market and technology leader for integrated accounting, payroll and payment systems, supporting the ambition of entrepreneurs and business builders and a FTSE 100 business. For more information on Sage Intacct, please visit www.intacct.com or call 877-437-7765. Connect with Sage Intacct on LinkedIn, Facebook, Twitter, Instagram, and YouTube.