Natasha is a reporter for TechCrunch, joining September 2012, based out of London. She arrives after a stint reviewing smartphones for CNET UK and, prior to that, more than five years covering business technology for silicon.com (now folded into TechRepublic.com). At silicon she focused on mobile and wireless, telecoms and networking, and IT skills issues, and has also freelanced... ? Learn More
San Jose-based SaaS/cloud financial management company Intacct?has raised $13.5 million in a new funding round from existing investors, with Split Rock Partners leading the round with a $7.5 million investment. Bessemer Venture Partners, Emergence Capital, Sigma Partners, and Sutter Hill Ventures also participated. The remainder of the funding was made up by a $6 million line of credit secured from Silicon Valley Bank.
Intacct said it plans to use the new investment to drive continued growth ? also today?it announced?97 percent year-over-year overall growth in new customers bookings ? by extending its product range and expanding distribution channels.?
The company sells cloud-based software for financial functions ? including applications for accounting, contract management, revenue management, inventory management, purchasing, vendor management, financial consolidation and reporting. It says its applications are in use by more than 5,000 organizations ? ?from startups to public companies? ? offering advantages over legacy accounting systems such as scalability and real-time reporting.
?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,? noted Jim Simons, managing director at Split Rock Partners, in a statement. ?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.?
Intacct is a provider of web-based or cloud financial management and accounting applications for businesses and CPA firms. Intacct is based in San Jose, California. BACKGROUND Intacct was founded in 1999 by David Thomas (now the executive vice president of Commercial Development for TechAmerica) to provide small and midsized businesses an online alternative to on-premise and desktop accounting solutions like QuickBooks, Microsoft Dynamics, Sage and NetSuite. The company provides cloud computing-based financial management and accounting applications to more than 30,000 users...
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