Cloud financial management and accounting software provider Intacct has no intention of being purchased and is eyeing the public market for its next financial move, according to chief executive Robert Reid.
The CEO laid stake to the claim at Intacct Advantage 2011, its recent user and partner conference, and admitted that despite being approached by “several” suitors for acquisition, the company and its board have no desire to sell.
Reid declined to reveal specific timing for an IPO but claimed the company currently has enough financing to take the company to the public market. The company raised an additional $12.3 million of venture capital financing from several firms back in June.
“We have a well-oiled engine with the ability to be a substantial organization,” said Reid. “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.”
Reid claims the company is now selling more through its VARs than ever, with approximately 50 percent VAR sales and 50 percent direct, versus 35 percent and 65 percent, respectively compared to last year. He also noted that Intacct has “invested heavily” in delivering new functionality, with 225 features in four major releases, as well as added training.
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