Intacct president and CEO Mike Braun plans to retire by the end of the year.

The Web-based software company said that Braun will turn 60 in October and has recently retired from the board of another software company, Callidus Software. He will remain on the board of Intacct after he retires from the CEO position. A successor has not yet been named.

"When I joined Intacct in 2007, I told our board that I wanted to retire at age 60, so now is the time to begin an orderly transition process,” he said in a statement. “I’m very proud of the work we’ve done and excited about Intacct's future."

Intacct also reported that it achieved 50 percent growth in subscription revenues for its 2009 fiscal year, which ended June 30, and 56 percent growth in new business in the fourth quarter compared to the prior fiscal quarter, but the privately held company declined to provide dollar figures.

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