Intacct

Intacct Corporation
Private
Industry Software
Founded 1999
Headquarters San Jose, California, United States
Website http://intacct.com

Intacct provides financial management and accounting software solutions based on a cloud computing platform. Intacct is based in San Jose, California.

Background

Intacct was founded in 1999 by David Chandler Thomas[1] to provide small and midsized businesses an online alternative to on-premises and desktop accounting solutions.

The Intacct name was derived from “internet” and “accounting.” [2] Intacct helped pioneer software-as-a-service or cloud computing, and its products were some of the first to use a multi-tenant approach,[3] which defines a unique approach to software architecture that significantly lowers the cost of delivering and using products.

Products

Intacct offers two main products:

The Intacct system includes applications for accounting, contract management, revenue recognition, inventory, purchasing, vendor management, financial consolidation, and financial reporting.

Writing in PC Magazine, reviewer Kathy Yagal described Intacct's web-based products as being designed for "small to midsize companies (defined as 5 to 1,000 employees) that have outgrown entry-level products like QuickBooks but want a relatively inexpensive alternative to traditional client/server software". The cost is based on how many of the Intacct applications are used and is charged on an annual or quarterly basis.[4]

Awards

Intacct has garnered these recent awards:

Intacct is also a three-time winner of a "Best Places to Work in Silicon Valley" award from Bay Area Newsgroup in 2011, 2012, and 2013.[15]

AICPA Partnership

In 2009, Intacct formed an alliance[16] with the American Institute of Certified Public Accountants (AICPA). This was the first time in the AICPA's history that it recognized a single technology vendor as a preferred provider.[17] The AICPA and its subsidiary CPA2Biz aligned with Intacct, naming the company as their preferred provider of financial applications to CPA professionals and AICPA members. The stated goal of the partnership is to help CPA firms and small and midsized businesses adopt cloud computing to improve their financial performance, take better advantage of financial advice and make better and faster business decisions.[18]

Investors

Intacct has raised more than $135M in venture capital backing, with the most recent funding coming in a $45 million round that combined venture funding and a debt package in February 2014. The majority of the new financing was secured through a $30 million venture funding round led by Battery Ventures, a new Intacct investor, and featured all existing active investors, including Bessemer Venture Partners, Costanoa Venture Capital, Emergence Capital, Sigma Partners, and Split Rock Partners, as well as new investor Morgan Creek Capital Management.[19][20] The company stated it would use this new infusion of capital to "further invest in company growth and expanded product capabilities."

Since its inception, Intacct has received backing from the following firms:

References

  1. ↑ http://works.bepress.com/david_thomas1
  2. ↑ http://www.pcmag.com/article2/0,2817,2421693,00.asp
  3. ↑ ZDNet: Why multi-tenancy matters
  4. ↑ PC Magazine Review by Kathy Yagal
  5. ↑ CRN: Top 20 Cloud Software & Apps Vendors of 2011
  6. ↑ CRN: 25 Cloud Vendors You Need to Know
  7. ↑ Intacct Again Named to Annual "OnDemand 100" List of Top Private Cloud Computing Companies
  8. ↑ CRN: The 20 Coolest Cloud Software Vendors
  9. ↑ Announcing the 2012 OnDemand 100 Top Private Companies
  10. ↑ CPA Practice Advisor: 2012 Review of Intacct
  11. ↑ Announcing the 2013 OnDemand 100 Top Private Companies
  12. ↑ 2013 Top 100 North America: Winners
  13. ↑ Nucleus Research Announces Winners of Tenth Annual Technology ROI Awards
  14. ↑ Intacct Selected as a Red Herring Top 100 Global Company
  15. ↑ Intacct Earns Bay Area Top Workplace Distinction for Third Straight Year
  16. ↑ Laurie McCabe, Hurwitz Associates blog - Will CPAs Bring the Cloud to Earth for SMBs?
  17. ↑ InformationWeek: Intacct To Put Accounting Software In The Cloud
  18. ↑ Press Release: "AICPA, CPA2Biz and Intacct Form Alliance to Benefit Millions of Small Businesses"
  19. ↑ Intacct Solidifies Its Position as the Growth Leader in Cloud Financial Software with $45 Million in New Financing
  20. ↑ TechCrunch: Intacct Raises $45M To Bring Bean Counters To The Cloud

External links

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