Intacct Adds More Than 1,000 New Subscribers in Third Quarter of 2006
From Alternative Energy and Broadband Connectivity to Fast Food and Real Estate, Companies from All Industries Flock to Intacctâ??s On-Demand Financial Applications
SAN JOSE, Calif. (May 23, 2006) –
Intacct Corporation, the leader in on-demand financial applications, today announced that in the third quarter over 1,000 new subscribers signed up for the company’s Web-based financial management, supply chain management, business intelligence and project management suite. More than 8,000 users now subscribe to Intacct, a 16 percent increase over the previous three-month period.
Intacct also announced today the closing of a $7 million Series B finance round led by Emergence Capital Partners and backed by existing investors Hummer Winblad Venture Partners and JK&B Capital. For more information, please read “Intacct Corporation Secures $7 Million in Series B Funding Round Led by Emergence Capital Partners.”
More small and midsize businesses are expected to switch to financial software as a service solutions, according to the Yankee Group, IDC, AMR Research and other industry analysts. Among the latest companies to take advantage of Intacct’s on-demand financial applications are The Solar Center Inc., Road 9 Inc., Cardinal SW Houston and Leisure Concept Management.
“Our business requires a completely configurable order fulfillment process, not the one-size-fit-all workflows other software makers sell,” said Dennis Wilson, president of The Solar Center, a solar energy system supplier and installer. “We selected Intacct’s entire on-demand application suite of financial, supply chain, business intelligence and project management to access business information anytime, anywhere and better control time and labor.”
The strong demand for Intacct is expected to continue with the recent release of a complete business intelligence solution targeted at small and midsize businesses. Many SMBs run multiple, disparate enterprise applications but lack cost-effective tools to mine, interpret and share information from accounting, sales, human resources and industry-specific software. Intacct’s BI solution includes personalized dashboards, advanced reporting and analytics, budgeting, business event management and integration.
“Before developing new on-demand financial applications, we carefully evaluate our customers’ business goals,” said Robert J. Jurkowski, CEO and president of Intacct Corporation. “In addition to a robust accounting and supply chain system, we give our customers configurable dashboards to review profit-and-loss statements in real time. We give them the freedom to add on third-party applications. And we help them customize closed-looped business processes. It’s what they want. It’s what any business would want.”
Other corporations that have switched to Intacct include Popeye Chicken and Biscuits restaurant franchise owner, Cardinal SW Houston LP.
“We recently acquired a chain of Popeye restaurants and decided to replace the existing accounting system with Intacct’s Web-based financial applications,” said Charles Boyd, chief financial officer at Cardinal SW Houston. “We can set up each restaurant as a completely separate unit, with its own accounting structure, tax filings and POS system. All data is consolidated in a single general ledger so we can evaluate the performance of each restaurant as well as the entire franchise. Intacct is the ideal solution for our rapidly growing franchise chain.”
Road 9, a communications and video provider, which designs, builds and operates private Fiber-to-the-Home (FTTH) networks in master-planned communities and resorts, deployed Intacct’s suite of on-demand financial, supply chain, business intelligence and project management across its operations in Mexico and the United States.
“With Intacct, we gain a competitive advantage through lower IT costs and concerns, higher productivity with better use of labor and resources, and the flexibility to add new functions and subscribers as the company grows,” said Raymond B. Gallegos, CFO of Road 9. “The ability to quickly set up each of our international business units with unique business processes, currencies and account structures and consolidate financial results across a vast array of stand-alone companies was a major differentiator for Intacct that we haven’t seen in any other on-demand provider.”
Leisure Concept Management, a property development firm, asked Intacct to help it address industry-specific accounting requirements, including the ability to manage each development site as a separate legal entity, consolidate all sites in a centralized general ledger and quickly add new locations to the Intacct system.
“With a single sign-on we are able to slide between our communities to manage the financials in real time,” said Jon Kessler, CFO of Leisure Concept Management. “For property management, Intacct is the perfect on-demand financial application.”
About Intacct Corporation
Intacct provides on-demand financial applications for more than 2,000 small and midsize businesses. Over 8,000 users at startups and public companies pay a monthly subscription fee to access the first SAS 70 Type II certified financial management, supply chain management, business intelligence and project management suite on the Web, which enables businesses to comply with Sarbanes-Oxley. Intacct supports all your business units, each with its own account structure, business processes, currencies, taxes and regulatory requirements. The ability to add more users, applications and business units on demand makes Intacct the last financial suite you’ll ever buy. Headquartered in San Jose, California, with operations in Bangalore, India, Intacct is a privately held company funded by Deloitte & Touche, Emergence Capital Partners, Goldman Sachs, Hummer Winblad Venture Partners and JK&B Capital.
Bill Akerson
Intacct Corporation
pr@intacct.com
(408) 878-0938
Intacct is a trademark of Intacct Corporation. Other names may be trademarks of their respective owners.
Source: Intacct