Intacct, an early pioneer in cloud software, is ready to get the word out about its accounting solution.
The company today announced a $45 million funding round, most of which will go toward sales and marketing.
“[Chief financial officers] are finally ready to go cloud, but they haven’t heard about Intacct,” said Chelsea Stoner, a new general partner at Battery Ventures, which led the Intacct financing. “[Software-as-a-service] is under-penetrated, and CFOs have been even slower to adopt it, so we think there’s a lot of potential growth in the market.”
Founded in 1999, Intacct targets mid-market companies with between 100 to 1,000 employees. The company said it increased overall bookings for the second fiscal quarter (ending Dec. 31, 2013) by close to 40 percent year-over-year.
Intacct competes with companies like Workday, Quickbooks, and Xero. Workday recently came out with a cloud accounting package, and the younger Xero raised $150 million late last year. Stoner said Intacct fits nicely in the cloud accounting ecosystem, with Workday targeting major enterprises and Quickbooks on the lower end.
The $45 million round consisted of $30 million in venture funding and $15 million in debt financing from Silicon Valley Bank. In addition to Battery Partners’ participation, the round included investment from Bessemer Venture Partners, Costanoa Venture Capital, Emergence Capital, Sigma Partners, Split Rock Partners, and Morgan Creek Capital Management.
Chelsea Stoner is joining Intacct’s board. Battery Ventures, meanwhile, today promoted her to general partner.
“We think this shift to the cloud is only at the very beginning, so we’ll continue to do more [software-as-a-service] investments,” Stoner told VentureBeat.
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