Intacct, financial management software co, restarts with $14M
Intacct Corp, a San Jose online financial management software company, has raised $14 million in another round of capital to restart itself financially.
Here’s the announcement.
The round was led by new investors Sigma Partners and Sutter Hill Ventures. They were joined by prior investor Emergence Capital Partners. Other previous investors, such as Hummer Winblad, were essentially washed out. Mike Braun, the company’s chief executive, took over several months ago.
Intacct provides software to manage a business’ books, and competes with QuickBooks and other entry-level accounting software. It integrates wtih Salesforce CRM applications via Salesforces’ AppExchange.
The company reportedly has more than 2,000 customers, so its not clear why the company had to go through such a financial restructuring. It had already raised raised $45 million in venture backing from Emergence along with Deloitte & Touche, Hummer Winblad, Goldman Sachs and JK&B Capital.
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About the Author, Matt Marshall
Matt launched VentureBeat in September of 2006, with the realization that no one else was covering the entrepreneurial and tech innovation scene with the velocity or depth that he was. Prior to founding VentureBeat, he covered venture capital for the San Jose Mercury News from 2001 to 2006. In 2002, Matt was awarded "Journalist of the Year" by the Northern California Society of Professional Journalists. Prior to working at the Merc, he was a correspondent for the Wall Street Journal in Bonn, Germany from 1995 to 1998, and a writer for the Washington Post in 1994. Matt holds a PhD in Government and an MA in German and European Studies from Georgetown University. In addition to VentureBeat, Matt is also the Executive Producer of DEMO, the leading launchpad event for emerging technologies.
