Cloud-based business and accounting software developer Intacct has secured an extra $45 million in financing to invest in company growth and product enhancements. It also released some results from its second quarter.
The financing is a combination of venture funding and a debt package, with the majority secured through a $30 million venture funding round led by Battery Ventures, a new Intacct investor, and featuring all existing active investors. Chelsea Stoner, a general partner at Battery Ventures, has also joined Intacct’s board.
The remainder of the funding came from a $15 million debt package from Silicon Valley Bank.
"As the fastest growing mid-market cloud financial software vendor, Intacct has already established itself as a major player in the largest business application software segment," said Intacct CEO Robert Reid in a statement. "Our continued success in the industry, along with increased market share, has attracted additional capital for the company. This new round of funding will enable us to further accelerate our growth, drive new product enhancements, and reach into new markets."
"Battery has a long history of backing innovative SaaS companies, and we were drawn to Intacct because of its brisk growth and strong product focused on the mid-market," Stoner said in a statement. "We are seeing CFOs adopt cloud solutions at an increasing pace, and we believe Intacct and its top-notch management team are well positioned to accelerate growth even further."
In addition to Battery, the existing, active investors include Bessemer Venture Partners, Costanoa Venture Capital, Emergence Capital, Sigma Partners, and Split Rock Partners, as well as new investor Morgan Creek Capital Management.
The company also announced results for its second fiscal quarter, which ended Dec. 31, 2013. It increased overall bookings by near 40 percent year of year, and saw nearly 60 percent growth in new customer acquisitions through its channel partners.
