Cloud financial management and accounting software company Intacct Corp. has secured another round of venture and bank financing, locking in $13.5 million primarily to help fund future growth, product development and expand distribution channels.
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The announcement was made at its annual Intacct Advantage user and partner conference in Orlando, Fla.
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.
“Intacct enjoys the backing of some of the most successful venture capital firms in the nation, and they continue to invest in the future of our business," said Intacct president and chief executive Robert Reid. “As evidenced by our consistent growth, we have outstanding momentum and these new funds will provide an even stronger foundation for future growth.”
Last June Intacct garnered $12.3 million in venture financing from several firms, which was used for similar purposes. Reid had indicated at the last Advantage conference in November 2011 that the company had a goal for an IPO and enough financing at the time to take it to the public market, foregoing any acquisition offers at the request of its board.
“We have a well-oiled engine with the ability to be a substantial organization,” Reid said in an interview last year. “We’ve already experienced over 100 percent year-on-year growth with very few competitors in this space. I think our biggest challenge right now is finding great people to make sure we are delivering quality products and service. We have dramatically increased our marketing budget and our partners have helped a lot too, specifically the AICPA through CPA2Biz, our VARs and our ISVs.”
In addition to the recent round of financing, Intacct noted that and the company and its partners delivered a 97 percent year-over-year overall growth in new customer bookings, as well as a 103 percent growth in Intacct Accountant Program partner business.