Intacct said it has achieved record growth in 2007, thanks to demand for its software-as-a-service applications.
In 2007, Intacct subscribers grew 40 percent and its revenue increased 50 percent. “We just had a great year,” said Inacct CEO Mike Braun. “We’ve focused on certain industry segments where we’re really strong. We’ve invested heavily in product and sales capabilities, and we’ve caught the wave of the software-as-a-service trend that’s happening on the market. It’s just been focus and execution and riding this SaaS wave.”
Last year, the company introduced a product that works with Salesforce.com called Intacct Max for Salesforce. Intacct plans to hire more product development, sales, services and support employees, and has recently doubled the size of its San Jose headquarters.
Helping fuel the expansion is $14 million in venture capital that Intacct raised in June from Sutter Hill Ventures, Sigma Partners and Emergence Capital. Emergence is “totally focused on software as a service,” according to Braun. “They’re smaller, but they’re a dominant player in the SaaS world. They’re investors in Salesforce and in SuccessFactors.”
Braun noted both his company and Salesforce are pioneers in SaaS. “Both companies were started about the same time,” he said. “Salesforce has always focused on front-office applications: sales force automation, customer service, marketing applications. The logical output of all that work is an order, and that’s where their application stops. It doesn’t process an order. That’s where our application starts. Because we’re an accounting and financial management system, we pick up on that opportunity and pick up the order which can be fulfilled, billed, collected and reported on. There’s a natural affinity between the applications.”
Besides introducing Intacct Max for Salesforce in the past year, Intacct has released a set of products for contract management, revenue recognition and contract renewals, along with enhancements for its multi-entity and multicurrency capabilities. “I like to say we’re all about life after QuickBooks,” said Braun.
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