Cloud financial management and accounting applications provider Intacct has raised an additional $12.3 million of venture capital financing from several firms, including Split Rock Partners, Bessemer Venture Partners, Emergence Capital, Sigma Partners and Sutter Hill Ventures.
Intacct has earmarked the funds for increasing staff, product and service improvements, and expanding its sales and partner program, according to chief executive Robert Reid.
Last year, Intacct had a net gain of more than 800 new clients for the calendar year. The company claims that this drove its market penetration to more than 4,000 organizations worldwide.
“We will be using these new funds to continue to invest in our award-winning cloud financial management and accounting applications,” said Reid. “We already have unmatched customer satisfaction and we plan to continue to increase the value we deliver to our customers.”
As to the company’s future, late last year in a one-on-one interview with Accounting Today, Reid discussed the idea of becoming a public company and saw it as a definite possibility over the next few years.
“Is going public a goal? Absolutely it is a point along our overall growth path, and it allows us to draw on cash and continue to keep investing to deliver industry-leading solutions for our customers,” said Reid. “NetSuite had around 4,000 customers when they went public so it is a possibility, but isn’t a focus for us. Our focus is on how we can take care of our customers, and we will then be able to draw in more investors.”
In the same October 2010 interview, Reid said the company will be expanding internationally in the next 12 to 18 months.