Intacct

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Intacct Corporation
Type Private
Industry Software
Founded 1999
Headquarters San Jose, California, United States
Website http://intacct.com

Intacct provides financial management and accounting software solutions based on a cloud computing platform. Intacct is based in San Jose, California.

Background[edit]

Intacct was founded in 1999 by David Chandler Thomas[1] to provide small and midsized businesses an online alternative to on-premise and desktop accounting solutions.

The Intacct name was derived from “internet” and “accounting.”[citation needed] Intacct helped pioneer software-as-a-service or cloud computing, and its products were some of the first to use a multi-tenant approach,[2] which defines a unique approach to software architecture that significantly lowers the cost of delivering and using products.

Products[edit]

Intacct offers two main products:

  • Intacct - Intacct is a cloud financial management and accounting system specifically designed for use by small and mid-sized companies.
  • Intacct Accountant Edition - Intacct Accountant Edition delivers web based accounting and financial applications that are designed for use by accounting firms and business process outsourcers.

The Intacct system includes applications for accounting, contract management, revenue recognition, inventory, purchasing, vendor management, financial consolidation, and financial reporting.

Writing in PC Magazine, reviewer Kathy Yagal described Intacct's web-based products as being designed for "small to midsize companies (defined as 5 to 1,000 employees) that have outgrown entry-level products like QuickBooks but want a relatively inexpensive alternative to traditional client/server software". The cost is based on how many of the Intacct applications are used and is charged on an annual or quarterly basis.[3]

Awards[edit]

Intacct has garnered these recent awards:

  • 2011 - Top 20 Cloud Software & Apps Vendors[4]
  • 2011 - 25 Cloud Vendors You Need to Know[5]
  • 2011 - OnDemand 100 Fastest Growing Private Cloud Computing Companies[6]
  • 2012 - 20 Coolest Cloud Software Vendors of 2012[7]
  • 2012 - OnDemand 100 Top Private Companies[8]
  • 2012 - CPA Practice Advisor 5-Star Review[9]
  • 2013 - OnDemand 100 Top Private Companies[10]
  • 2013 - Red Herring Top 100 Companies of North America[11]
  • 2013 - Nucleus Technology ROI Award[12]
  • 2013 - Red Herring Top 100 Global Companies[13]

Intacct is also a three-time winner of a "Best Places to Work in Silicon Valley" award from Bay Area Newsgroup in 2011, 2012, and 2013.[14]

AICPA Partnership[edit]

In 2009, Intacct formed an alliance[15] with the American Institute of Certified Public Accountants (AICPA). This was the first time in the AICPA's history that it recognized a single technology vendor as a preferred provider.[16] The AICPA and its subsidiary CPA2Biz aligned with Intacct, naming the company as their preferred provider of financial applications to CPA professionals and AICPA members. The stated goal of the partnership is to help CPA firms and small and midsized businesses adopt cloud computing to improve their financial performance, take better advantage of financial advice and make better and faster business decisions.[17]

Investors[edit]

Intacct has raised more than $135M in venture capital backing, with the most recent funding coming in a $45 million round that combined venture funding and a debt package in February 2014. The majority of the new financing was secured through a $30 million venture funding round led by Battery Ventures, a new Intacct investor, and featured all existing active investors, including Bessemer Venture Partners, Costanoa Venture Capital, Emergence Capital, Sigma Partners, and Split Rock Partners, as well as new investor Morgan Creek Capital Management.[18][19] The company stated it would use this new infusion of capital to "further invest in company growth and expanded product capabilities."

Since its inception, Intacct has received backing from the following firms:

References[edit]

External links[edit]