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.