ERP software provider Intacct announced it has secured an additional $40 million of financing from Silicon Valley Bank.
This expands on the backing of Intacct’s existing investors, including Battery Ventures, Bessemer Venture Partners, Costanoa Venture Capital, Emergence Capital, Morgan Creek Capital Management, Sigma Partners and Split Rock Partners.
Separately, Intacct also announced 34 percent year-over-year growth in new bookings in its third fiscal quarter ending March 31.
"Our consistent growth and strong financial results are proof of the outstanding momentum we have in the market," stated Intacct CEO Robert Reid. "When you are looking at long-term growth, you always have to watch the market and sometimes you take in money before you actually need it to ensure you have the flexibility to take advantage of new opportunities when they arise. This new funding provides us with the latitude to make the best possible business decisions for our company and our customers."
Silicon Valley Bank provides targeted commercial, international and private banking services.
"Silicon Valley Bank has worked closely with the Intacct team for more than a decade and we're pleased to continue our partnership," stated Brian Fitzpatrick, managing director at Silicon Valley Bank. "The market for cloud ERP software is burgeoning and Intacct is well positioned as it matures to the next phase of growth. Our aim is to help them move their business forward quickly with the right financing, connections, and global services."
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