Intacct, a San Jose, California-based provider of cloud financial management and accounting software, raised an additional $45m in venture and debt financing.
A $30m venture funding round was led by new investor Battery Ventures, with participation from existing investors Bessemer Venture Partners, Costanoa Venture Capital, Emergence Capital, Sigma Partners, and Split Rock Partners, as well as new investor Morgan Creek Capital Management. In conjunction with the funding, Chelsea Stoner, a general partner at Battery Ventures, joined Intacct’s Board of Directors.
A $15m debt financing was provided by Silicon Valley Bank.
The company intends to use the funds to further grow and expand product capabilities.
Led by Robert Reid, CEO, Intacct provides cloud financial management applications including accounting, contract management, revenue recognition, project accounting, fund accounting, inventory management, purchasing, vendor management, financial consolidation and financial reporting applications.
They are sold via CPA firms and Value Added Resellers and are in use by more than 7,300 organizations from startups to public companies.