Intacct Corporation, a leading provider of web-based accounting and related online business services, Tuesday (Feb 13) announced the close of a $21 million round of investment led by JK&B Capital of Chicago. Also included in this new round of capital are Goldman, Sachs & Co., current investors Deloitte & Touche LLP and Hummer Winblad Venture Partners.
“This new round of financing is important both for the quality of the new partners that it brings to the Intacct solution and for its ability to help us more quickly achieve our goal of profitability,” said Intacct’s CEO, David C. Thomas. “We will use this new capital to build the market for a professional web-based accounting solution and to recruit CPA firms for our E-Practice Alliance, which now numbers over 100 leading CPA firms.”
Marc Sokol, executive member of JK&B Capital, will join the Intacct board of directors. Ann Winblad, co-founder and partner of Hummer Winblad Venture Partners, is already an Intacct director. Total Intacct funding to date is now $32 million. Earlier Intacct investors include Matsushita Electric Industrial Co. Ltd, Caltos Capital LLC and individual investors.
Designed for organizations with 5-500 employees, the Intacct web-based accounting service is a low-cost alternative for companies needing more than an entry-level PC-based accounting package but want an alternative to complex, IT-intensive client/server solutions.
Intacct’s subscription-based service offers a professional-strength core accounting solution with general ledger, accounts receivable, accounts payable, and human resources modules. The service is designed for professional accounting, with tools such as budgeting, reporting, journals, and budget/report wizards that automate many work processes and repetitive entry tasks. The service supports key CPA functions, including client write-up and online auditing. Application maintenance, performance tuning, and version upgrades are all managed by Intacct, with data backed up nightly.
Intacct’s accounting offering and extensible markup language (XML) interface provide a foundation for partners to integrate a variety of business services, all accessible from within the context of the Intacct accounting system. Among these services are online auditing, payroll, professional billing and expense reporting, online bill payment and HR services.
Intacct also offers an E-Practice Alliance program to assist CPAs in building their practice on the Web and taking maximum advantage of Intacct services.