Tuesday, February 18, 2014

Accounting Software Maker Intacct Takes On $45M To Pick Up The Pace

Alex Konrad for Forbes writes: Financial management software may seem a sleepy area in tech, destined for a back office and without the buzz of more consumer-facing business products like Dropbox or Square. But there’s major money to be had in riding the space, as longtime accounting software company Intacct reaffirmed Tuesday. The company has raised $45 million in new funding, $30 million from venture investors and $15 million in debt from Silicon Valley Bank.
The round is led by Battery Ventures, and newly-promoted general partner Chelsea Stoner joins Intacct’s board. Return investors in the late-stage round include Bessemer Venture partners, Sigma Partners and Emergence Capital. Also returning are Costanoa Venture Capital and Split Rock Partners, while Morgan Creek Capital Management joins in.
Intacct has been around for a long time, founded in 1999. As standard for software-as-a-service companies, it’s not profitable, but the company says it has increased bookings by nearly 40% year-to-year, with quarterly new customer growth of almost 60%.