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.