U.S. Economic Woes Can’t Slow Momentum for Intacct
Intacct Announces Explosive Year over Year Growth; Sets New Records for Customer Satisfaction, Subscriber Count
SAN JOSE, Calif. (July 30, 2008) –
Economic turndown? Recession? Intacct, a leader in on-demand financial management and accounting applications, is enjoying explosive growth despite the slowing U.S. economy. Today, Intacct announced record growth and business results for its fiscal year, ended June 30, 2008. New business increased by 130 percent in fiscal 2008 versus the prior fiscal year, with Intacct’s channel business growing by more than 160 percent over the same period.
Intacct delivers Software as a Service (SaaS) accounting and financial applications in use by thousands of companies for streamlining and automating their critical financial business processes and improving the productivity of their finance departments. In a tight economy, SaaS solutions like Intacct are all the more compelling because they not only offer the lowest total cost of ownership, but also have zero capital costs, extremely low start-up costs and the lowest risk for companies that need to move to a new financial system.
Intacct is also attracting record numbers of new clients because of its commitment to excellence in customer satisfaction and success. Intacct takes pride in its Buy with ConfidenceSM program, which guarantees its commitments to complete customer satisfaction.
In a July 2008 survey, a record 93 percent of Intacct customers indicated that they would recommend Intacct to their colleagues. In addition, more than 95 percent of companies subscribing to Intacct in the fiscal year were successfully deployed within six months, with the vast majority achieving success in less than 90 days. These positive results for Intacct’s on-demand financial management solutions are a dramatic contrast to the widespread indifference and high failure rates commonly associated with traditional on-premises financial and ERP applications.
“Intacct’s unique combination of powerful financial management applications, the on-demand delivery model, integration with salesforce.com and a strong focus on client success is delivering rapid and accelerating growth,” said Mike Braun, president and CEO of Intacct. “We continue to have strong momentum in the marketplace and our focus on providing a ‘life after QuickBooks’ for growing companies is paying dividends.”
Accelerating Growth from QuickBooks Graduates and Mid-Market Conversions
Intacct grew its subscriber base by more than 50 percent in the past year, and continues to see strong growth both from businesses graduating from QuickBooks and migrating from traditional on-premises mid-market financial applications to Intacct.
For companies that are outgrowing QuickBooks, Intacct offers a compelling solution for their increasingly demanding financial and accounting needs. Intacct is designed to make “Life after QuickBooks” an easy, low-cost and low-risk transition. Companies using legacy mid-market financial applications are also switching to on-demand solutions from Intacct. In the fiscal year, the company saw significant conversions from older client/server products made by companies like Microsoft, Sage Software and Epicor, and from SaaS offerings from NetSuite.
Intacct attributes its accelerating growth to the increasing adoption of the SaaS model for financial applications and to the superior financial applications, best of breed partnerships, compelling business value and the track record of customer success and satisfaction that the company has delivered.
Intacct Business Solution Provider Program Takes Off
The Intacct Business Solution Provider program, launched in March 2008, includes a fast growing network of partners that provide value-added sales and integration services that are complementary to Intacct’s applications. The Intacct Business Solution Provider program helped the company deliver extremely rapid growth from indirect channels over the past year. Intacct expects its channel programs to continue to grow rapidly as more and more value added resellers, integrators, accounting firms and business process outsources gravitate toward on-demand financial management applications.
Continued Growth in Global Business Management and Consolidation
In 2004, Intacct became the first on-demand financial management system to allow companies to manage their business units as independent entities and at the same time consolidate results at multiple levels and with multiple currencies. Companies with multiple operating units, subsidiaries, country operations and remote locations, such as multinational businesses, franchises, ownership groups, retail chains and property management firms find these capabilities to be indispensable. Intacct continues to see strong growth in on-demand global business management and financial consolidation. As of the end of Intacct’s 2008 fiscal year, the company’s multi-subsidiary and multi-currency customer base had grown to include nearly 1,000 customers – representing more than 10,000 total business entities managed.
About Intacct
Intacct is a market and technology leader in on-demand financial management and accounting applications. The company’s award-winning solutions are used by thousands of businesses, from startups to public companies, and are designed to improve company performance and make finance more productive. Intacct automates key business processes from order entry through cash collection and procurement through vendor payment. The Intacct system includes accounting, contract management, revenue recognition, inventory, purchasing, vendor management, financial consolidation and financial reporting applications, all delivered over the Web via Software as a Service. Intacct is the only on-demand financial management solution seamlessly integrated with salesforce.com. As a company grows, Intacct’s deep and mature applications, SAS 70 Type II certification, and documented processes support Sarbanes-Oxley compliance for public enterprises.
Intacct is headquartered in San Jose, California, with operations in Bangalore, India. For more information, please visit www.intacct.com or call 877-437-7765.
Media Contact:
Peter Olson
Tel: 408-878-0951
Email: polson@intacct.com
Source: Intacct