Cloud ERP software provider Intaact secured an additional $40 million of financing from Silicon Valley Bank. The new funding adds to previous investments by Battery Ventures, Bessemer Venture Partners, Costanoa Venture Capital and others.
, a leading provider of best-in-class cloud ERP software
, today announced it has secured an additional $40 million of financing. The new debt facility with Silicon Valley Bank will be available to provide flexibility and drive continued growth. In a separate press release, Intacct also announced another quarter of strong growth, with a year over year increase in new bookings of 34% for its third fiscal quarter, ended March 31.
The market for cloud ERP solutions has never been stronger and Intacct is on an impressive growth trajectory. As mid-sized companies increasingly move their business systems to the cloud and ditch their outdated, on-premises financial systems from Microsoft, Sage, and other similar vendors, Intacct is reaping the benefits. Intacct offers these companies deep financial capabilities
, the scalability
to grow along with them, and unmatched levels of customer satisfaction
Our consistent growth and strong financial results are proof of the outstanding momentum we have in the market,” saidRobert Reid
, CEO of Intacct. “When you are looking at long-term growth, you always have to watch the market and sometimes you take in money before you actually need it to ensure you have the flexibility to take advantage of new opportunities when they arise. This new funding provides us with the latitude to make the best possible business decisions for our company and our customers.”
The new financing expands on the backing of Intacct’s existing investors, including Battery Ventures, Bessemer Venture Partners, Costanoa Venture Capital, Emergence Capital, Morgan Creek Capital Management, Sigma Partners, and Split Rock Partners.
“Silicon Valley Bank has worked closely with the Intacct team for more than a decade and we’re pleased to continue our partnership,” said Brian Fitzpatrick
, managing director at Silicon Valley Bank. “The market for cloud ERP software is burgeoning and Intacct is well positioned as it matures to the next phase of growth. Our aim is to help them move their business forward quickly with the right financing, connections, and global services.”
About Silicon Valley Bank
For more than 30 years, Silicon Valley Bank (SVB) has helped innovative companies and their investors move bold ideas forward, fast. SVB provides targeted financial services and expertise through its offices in innovation centers around the world. With commercial, international and private banking services, SVB helps address the unique needs of innovators. Learn more at www.svb.com
Intacct is a leading provider of best-in-class cloud ERP software
. Bringing cloud computing to finance and accounting, Intacct’s award-winning applications are the preferred financial applications for AICPA business solutions. In use by more than 11,000 organizations from startups to public companies, Intacct is designed to improve company performance and make finance more productive. Hundreds of leading CPA firms and Value Added Resellers also offer Intacct to their clients. The Intacct system includes accounting
, cash management
, vendor management
, financial consolidation
, revenue recognition
, project accounting
, fund accounting
, inventory management
, and financial reporting
applications, all delivered over the Internet via cloud computing.