Intacct Closes $15 Mn in Financing
Printer Print Email Email
Las Vegas: Intacct, a player in on-demand financial management and accounting applications, has announced that it has raised an additional $15 million of financing in a round led by Bessemer Venture Partners. Existing investors Emergence Capital, Sigma Partners, and Sutter Hill Ventures all participated in the round. When combined with $14 million raised in June 2007, Intacct has raised $29 million in the past nine months, ranking it among the top funded software companies over the past year. "We are delighted to welcome Bessemer to our team," said Mike Braun, president and CEO of Intacct. "The past year has put Intacct on an entirely different and higher growth trajectory. This success has attracted additional capital which we will use to drive continued innovation across our award winning family of financial applications, and to expand into additional vertical markets and channels," he added. Bessemer Venture Partners is the nation's oldest venture capital firm and one with a truly global footprint. The firm has been especially active in Software as a Service (SaaS), with investments in such companies as LinkedIn, Postini and Eloqua. Bessemer, together with Bay Partners, has also set up a special fund to invest in companies committed to salesforce.com's Force.com platform. "Intacct is a disruptive player in the vast and proven market for financial applications. While today's market is dominated by large companies with client/server products, the future will belong to the Software as a Service model," said Byron Deeter, partner at Bessemer Venture Partners.
Source: IANS
siliconindia