Intacct Announces $14 Million Financing

Published on June 27, 2007 in Computer & Electronics, Computer Software, Internet, Technology

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Premier Venture Firms Fund Continued Growth

San Jose, CA (June 27, 2007) –

Intacct Corporation, a leader in on-demand financial applications, today announced it has closed $14 million of new equity financing in a round led by new investors Sigma Partners and Sutter Hill Ventures. They were joined by prior investor Emergence Capital Partners who is supporting the growth of the company with additional investments.

“We’re delighted that our momentum continues with the addition of leading venture capital investors who have a track record of supporting market-leading companies,” commented Intacct CEO Mike Braun. “The new capital will help us spread our story to the multitude of growing businesses that are ready to graduate from QuickBooks® and other entry-level accounting software. Recently, Inc. Magazine named Intacct as the “Best for Replacing QuickBooks”. The Software and Information Industry Association named Intacct as the “Best Financial Application” for 2007 and we’ve launched the best customer satisfaction program in the industry, “Buy with ConfidenceSM”. There’s never been a better time to move to Intacct.”

“Intacct is an important AppExchange partner, and we congratulate them on their funding, as it signals the industry’s continued shift to the on-demand model,” said George Hu, Chief Marketing Officer, salesforce.com. “More and more customers are choosing to integrate their Salesforce CRM applications with Intacct’s back office suite quickly and easily via the AppExchange. The AppExchange is clearly going to the next level – more than $285 million in venture financing has now been raised by AppExchange partners since its launch.”

Sigma Partners, founded in 1984, has over $1.5 billion under management. Bob Spinner, Managing Director said, “Intacct is well positioned to be a major leader in the new On-Demand world. The move to this model of application delivery has passed the tipping point, and Intacct is already a leader in financials, the largest potential application category. We’re excited to help fuel the growth of the company.”

Sutter Hill Ventures, founded in 1964, is one of the most experienced and respected firms in the Venture Capital industry. Commenting on the investment, Greg Sands, Managing Director said, “Deep product expertise; thousands of customers; millions of prospects; a deep commitment to customer satisfaction and a great team. These are all elements of success in a large and fast growing market. Intacct is an exciting company.”

Emergence Capital Partners is the leading Venture Capital Fund focused on Software-as-a-Service (“SaaS”) and technology-enabled services companies. General Partner, Brian Jacobs commented, “There is no question that multiple billion dollar companies will emerge to deliver financial applications using the SaaS model. Intacct is already a leader. With new management, new investors and significant capital, we’ve pulled together the pieces to build a large, independent company in a major market.”

About Emergence Capital Partners
Emergence Capital Partners, based in San Mateo, Calif., is the leading venture capital firm focused on early and growth-stage Software-as-a-Service and Technology-Enabled Services companies. Its mission is to help build market leaders in partnership with great entrepreneurs. Emergence partners have funded and helped build more than 35 TES companies, including Salesforce.com, SuccessFactors, Ketera and others. Emergence Capital has assets of over $325 million under management. For more information, visit www.emcap.com.

About Sigma Partners
Founded in 1984, Sigma Partners is a leading early-stage venture capital firm. The Sigma team uses their deep operational experience to provide entrepreneurs with practical strategic counsel through every phase of company growth. With over $1.5 billion under management and bicoastal offices, Sigma invests in innovative technology startups across the United States. Some of the market leading companies in which Sigma has invested include Atria, Cascade, Clarify, Internet Security Systems, KLA-Tencor, Octel, VeriFone, Vermeer, and Vignette. For more information, please visit www.sigmapartners.com.

About Sutter Hill Ventures
Sutter Hill Ventures has financed technology-based start-ups and assisted entrepreneurs in building market-leading companies since 1964. Through decades of experience, they have developed industry networks, considerable operating and venture capital experience, and an understanding of the challenges that early-stage and high-growth companies face. Prior Sutter Hill investments include nVidia, Alteon, Network Appliance, Data Domain, Shutterfly, Avid, Vitria and Legato. www.sutterhillventures.com.

About Intacct Corporation
Intacct provides on-demand financial management system applications for more than 2,000 small and midsize businesses. Thousands of users at companies ranging in size from startup to public companies pay a monthly subscription fee to access the first SAS 70 Type II certified financial, supply chain, business intelligence and project management suite on the Web. Intacct’s financial management system supports all your business units, each with its own account structure, business processes, currencies, taxes and regulatory requirements and provides unparalleled top-down visibility and control. As a company grows, SAS70 Type II certification and documented processes also support Sarbanes-Oxley compliance for public companies. The ability to add more users, applications and business units as you grow makes Intacct the last financial management suite you’ll ever need. Intacct is headquartered in San Jose, California, with operations in Bangalore, India.

For more information visit www.intacct.com or call 877-437-7765.
Media Contact:
Kevin Wolf
Tool Guy PR
Tel: 650-327-1641
Email: Kevin@toolguypr.com

Source: Intacct

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