Intacct Rides Cloud Computing Momentum to Record Yearly Results
Press Release, News
Intacct, a leader in cloud financial management and accounting software, today announced record results for calendar year 2012. Over the past twelve months, Intacct increased new customer bookings by more than 47 percent over 2011. In the company's second fiscal quarter, ended December 31, Intacct rode strong momentum from companies outgrowing QuickBooks and those looking to switch from outdated midmarket on-premises software to secure a record number of new customer additions. All of this points to increasing momentum in the cloud financials market as gains in other business application areas, such as customer relationship management and human resources, are now reaching core financials.
To meet increasing demand, Intacct continues to attract a growing number of CPA firms and the top Microsoft and Sage partners to its channel program, adding several key new partners in 2012. The Intacct Business Partner Program added three new Accounting Today Top 100 resellers during the year: SVA Consulting (#48), e2b teknologies (#74), and InterDyn CFO Consulting (#97 and now part of InterDyn BMI) bringing the program's overall count to 21 of the Top 100 firms. Meanwhile, Intacct's partnerships with the American Institute of Certified Public Accountants (AICPA) and CPA2Biz, the technology subsidiary of the AICPA, have helped to strengthen the Intacct Accountants Program. In 2012, the program added more than 75 new firms and now boasts 22 of the Top 100 accounting firms.
Existing customers also voiced their satisfaction and deepened their commitment to Intacct. Add-on business with current Intacct customers remained strong, with these companies adding new users and subscribing to additional Intacct applications in record numbers during 2012.
"There is no doubt that 2012 was the year cloud financial applications went mainstream," said Robert Reid, CEO of Intacct. "While on-premises financial software growth is essentially flat, cloud vendors continue to grow rapidly. With new customer additions at an all-time high, we are seeing increased demand for our award-winning financial applications. In addition, as the cloud partner of choice for the channel, we continue to see momentum across both traditional resellers and top accounting firms. Intacct customers will receive a slate of significant product enhancements in 2013 that will extend the value of their investment and provide the opportunity for accelerated growth for Intacct and our partners."
2012 Year in Review
Reflecting more broadly on 2012, Intacct achieved many significant milestones. Here is a review of some of the company's key accomplishments over the past year:
Company Funding and Growth In October, Intacct announced it had secured an additional $13.5 million of new financing. The majority of the new financing was secured through a $7.5 million venture funding round led by Split Rock Partners. The round featured all existing investors, including Bessemer Venture Partners, Emergence Capital, Sigma Partners, and Sutter Hill Ventures. The remainder of the funding came in the form of a $6 million line of credit with Silicon Valley Bank. The additional funds will be used to drive continued growth through extended product innovation and expanded distribution channels.
Product Innovation Showcasing the rapid pace of innovation available in cloud-based systems, Intacct delivers quarterly product releases that are effortless for customer to adopt ensuring customers are always on the latest version. Intacct's product investments cut across three key Focal areas: delivering best-in-class financials that grow with you, providing a frictionless transition to Intacct, and making proactive investment in ease and ideas.
Building on the new user experience launched in Fall 2011, Intacct rolled out more than 170 new features in 2012. Many of the product updates from 2012 were customer initiated ideas, including updates to Intacct Project Accounting and Intacct Revenue Management, as well as several end user management enhancements. Intacct also introduced product experience enhancements, including new context-driven help at the point of need and a new trial capability, allowing prospective customers to try the system before they buy.