Intacct Corporation Secures $7 Million in Series B Funding Round Led by Emergence Capital Partners
Hummer Winblad and JK&B Capital Also Participate to Fund Intacctâ??s Customer-Facing Operations, Positioning the On-Demand Financial Applications Provider for Rapid Growth
San Jose, Calif. (May 23, 2006) –
Intacct Corporation, the leader in on-demand financial applications, today announced that it has closed a $7 million round of venture capital funding. The Series B financing, led by Emergence Capital Partners and backed by existing investors Hummer Winblad Venture Partners and JK&B Capital, comes on the heels of a 16 percent first-quarter increase in Intacct’s subscriber count, which now exceeds 8,000 users. For more information, please read today’s announcement “Intacct Adds More Than 1,000 New Subscribers in First Quarter of 2006.”
To effectively manage both current and anticipated growth, Intacct is using the latest investment to expand its sales, marketing, customer support and professional services organizations. In addition, Intacct will grow its network of partners, which already includes dozens of software makers, business process outsourcers and strategic partners, including IBM and salesforce.com.
Brian Jacobs, general partner and founder of Emergence Capital, has joined Intacct’s board of directors. Jacobs recently was named to Forbes’ Midas List of top venture capital investors.
“Software as a Service is disrupting the way companies buy, deploy and use applications,” said Jacobs. “Intacct delivers the most robust suite of financial applications over the Web with its service-based business model. The recent jump in subscribers is a testament to the countless benefits Intacct’s innovative product offerings bring, including faster time to value, lower capital expenses, less IT overhead and much greater operational flexibility.”
Intacct provides small and midsize businesses with the first SAS 70 Type II certified financial management, supply chain management, business intelligence and project management suite on the Web. Subscribers pay a monthly per-user fee to access the company’s two application suites: Intacct Small Business(TM) and Intacct Enterprise(TM). Once a company deploys Intacct, it’s easy to add users, applications and business units on demand, which eliminate the need for customers to ever replace Intacct.
“We are delighted with the strong interest Intacct received from the venture capital community,” said Robert J. Jurkowski, CEO and president of Intacct. “Our recent success in the marketplace will be accelerated with this round of funding. Adding Emergence Capital to Intacct’s board of directors arms us with a formidable group of VCs and industry visionaries.”
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