Intacct Announces Record Gains

Intacct, a company that produces cloud-based accounting and financial management solutions, announced its record-breaking growth figures for 2012 on January 30. The results show that new customer bookings increased by almost 50 percent from 2011, which is due in large part to companies looking to switch from outdated systems based on QuickBooks or similar software. There is increasing momentum building for cloud financial systems.

Intacct is working to meet increasing demands for its services by working with CPA firms and other companies through their channel program, adding several important partners last year. Three of Accounting Today’s Top 100 resellers were added to the Intacct Business Partner Program during 2012, namely: SVA Consulting, e2b technologies and InterDyn CFO Consulting. The Business Partner Program contracts with 21 of the top 100 firms.

Despite huge gains in its new customer base, Intacct did not lose ground with existing customers. Many existing customers expressed their satisfaction and cemented their business relationship with Intacct. Intacct also saw add-on business with their current customers increase during 2012.

Robert Reid, CEO of Intacct, commented, “There is no doubt that 2012 was the year cloud financial applications went mainstream. While on-premises financial software growth is essentially flat, cloud vendors continue to grow rapidly. With new customer additions at an all-time high, we are seeing increased demand for our award-winning financial applications. In addition, as the cloud partner of choice for the channel, we continue to see momentum across both traditional resellers and top accounting firms. Intacct customers will receive a slate of significant product enhancements in 2013 that will extend the value of their investment and provide the opportunity for accelerated growth for Intacct and our partners.”

In Octorber, Intacct secured $13.5 million of new financing with $7.5 million of it from a venture funding group, Split Rock Partners.

Intacct releases frequent product updates to ensure that customers are always using the most current version of their services.