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Intacct Raises $45M to Grow Cloud-Based Accounting Software

02/18/2014

Accounting software company Intaact has raised $45 million in new venture and debt funding to help it grow its cloud-based software business.

The San Jose-based company led by CEO Robert Reid said the $30 million venture part of the funding was led by new investor Battery Ventures, with Chelsea Stoner, a general partner at that firm, joining the board.

Another new investor, Morgan Creek Capital Management, also participated, along with all existing active investors, including Bessemer Venture Partners, Costanoa Venture Capital, Emergence Capital, Sigma Partners and Split Rock Partners. 
The remainder of the funding came as a $15 million debt package from Silicon Valley Bank.

Intaact has raised $135 million since it was founded in 1999. 
The company said the new funds will be used to grow and expand its product capabilities.

Intacct said that in the quarter that ended on Dec. 31, overall bookings increased by nearly 40 percent year-over-year. It also said it saw a nearly 60 percent growth in new customer acquisitions through its channel partners. 

The company employs about 225, with about 150 of those at the
San Jose headquarters.

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