Intacct raises another $15M to offer online financial management software

April 29, 2008 | Matt Marshall
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Intacct Corp, a San Jose online financial management software company that competes with Intuit’s Quickbooks, said it has raised an additional $15 million of financing.

The round was led by Bessemer Venture Partners. Existing investors Emergence Capital, Sigma Partners, and Sutter Hill Ventures participated.

This follows the $14 million Intacct raised last year to restart itself financially. It had already raised $45 million previously from Emergence, along with other investors Deloitte & Touche, Hummer Winblad, Goldman Sachs and JK&B Capital.

Mike Braun, the company’s chief executive, took over last year, and apparently has helped turn the company around.

Here’s the company’s statement.

The company’s strategy is to target small to mid-sized companies, as they begin to look for options other than Quickbooks, but don’t want to pay for the high-priced software designed for larger companies.

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About the Author,

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.

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