Intacct Raises $21 Million in Funding
PRESS RELEASE: Backing includes new investors Goldman, Sachs & Co, JK&B Capital and returning investors Hummer Winblad Venture Partners and Deloitte & Touche LLP
Feb. 13, 2001 (Los Gatos, Calif.)– Intacct Corporation, a leading provider of web-based accounting and related online business services, today announced the close of a $21 million round of investment led by JK&B Capital of Chicago. Another major investor is Goldman, Sachs & Co. Also included in this new round of capital are current investors Deloitte & Touche LLP and Hummer Winblad Venture Partners.
"This new round of financing is important both for the quality of the new partners that it brings to the Intacct solution and for its ability to help us more quickly achieve our goal of profitability," said Intacct’s CEO, David C. Thomas. "We will use this new capital to build the market for a professional web-based accounting solution and to recruit CPA firms for our E-Practice Alliance, which now numbers over 100 leading CPA firms. Having an investor and alliance-member like Deloitte & Touche is a testament to our vision for this market and enhances our credibility in the eyes of our new customers."
Marc Sokol, executive member of JK&B Capital, will join the Intacct board of directors. Ann Winblad, cofounder and partner of Hummer Winblad Venture Partners, is already an Intacct director.
Total Intacct funding to date is now $32 million. In addition to Hummer Winblad Venture Partners, Goldman, Sachs & Co, JK&B Capital, and Deloitte & Touche LLP, earlier Intacct investors include Matsushita Electric Industrial Co. Ltd, Caltos Capital LLC and individuals.
The Intacct Solution
Designed for organizations with 5-500 employees, the Intacct web-based accounting service is a low-cost alternative for companies needing more than an entry-level PC-based accounting package but want an alternative to complex, IT-intensive client/server solutions.
Intacct’s affordable subscription-based service offers a professional-strength core accounting solution with general ledger, accounts receivable, accounts payable, and human resources modules. The service is designed for professional accounting, with tools such as powerful budgeting, extensive reporting, customizable journals, and budget/report wizards that automate many work processes and repetitive entry tasks. The service supports key CPA functions, including client write-up and online auditing. Application maintenance, performance tuning, and version upgrades are all managed by Intacct, with data backed up nightly at no additional charge.
Intacct’s accounting offering and extensible markup language (XML) interface provide a foundation for partners to integrate a variety of business services, all accessible from within the context of the Intacct accounting system. Among these services are online auditing, payroll, professional billing and expense reporting, online bill payment and HR services.
Intacct also offers an E-Practice Alliance program to assist CPAs in building their practice on the Web and taking maximum advantage of Intacct services.
Benefits of the Intacct Solution
Intacct is the only professional-strength web-based accounting solution designed from the ground up for small and medium size businesses. It allows CPAs and their clients the accurate and timely information necessary for achieving business success:
- Know at all times the state of their business
- Efficiently carry out operational tasks that their business demands
- Input, review and analyze data when it’s most necessary or convenient
- Conduct business activities in as close to real time as possible
- Reliably contain costs so that there are no adverse financial surprises.
For more information, please visit www.intacct.com.
Director, Public Relations
© Copyright 2001 Intacct Corp. All rights reserved. All other trademarks belong to their respective owners.
Voice of the Editor
Which isn’t completely true. I mean, occasionally I drop by when I manage to sneak out of the nonstop frat party over at Going Concern, but I’m mostly a wallflower over there. I’m happy to say that I’ve been given express permission (or explicit orders, if you like) to wander over here to AccountingWEB more often.
Why is that, you might ask? My job is to replace the irreplaceable Gail Perry as Editor-in-Chief. What does that mean? I don’t really know! I think it’ll be fun getting a feel for things, throwing in my own thoughts here and there, and listening to the discussions you’re having about the accounting profession.