Intacct Caps Stellar Year with Record Breaking Final Quarter of 2009
Strong Performance Showcases Cloud Computing Momentum and Recession Easing for Clients
SAN JOSE, Calif. (January 13, 2010) –
Intacct, the leader in cloud financial management and accounting applications for businesses and CPA firms, continues to buck the recession by capping off a stellar performance in 2009 with tremendous and accelerating growth for the company’s second fiscal quarter, ended December 31. Intacct’s new customer acquisition increased by 80% as compared with the already successful fiscal Q1, ended September 30. This was the best fiscal Q2 in the history of the company, with the second highest level of new business for any single quarter the company has ever recorded.
In a clear sign that the economy is beginning to recover for Intacct’s customers, subscription upgrades began increasing in the quarter as finance departments started adding more Intacct users to support increasing numbers of employees and deploying additional Intacct modules to improve their productivity.
Intacct’s business was particularly strong in three areas: in the software as a service and cloud computing vertical; in companies already using salesforce.com that also wished to adopt best of breed cloud-based financials; and in CPA firms deploying Intacct Accountant Edition for collaborative use with their clients. The quarter was also highlighted by a marked increase in the number of companies switching their financial software to Intacct from Intuit, Microsoft and Sage, as well as in head to head competitive victories over NetSuite. More than 3,300 companies are now enjoying the benefits of Intacct for cloud-based financial management.
“Intacct really delivered in 2009, between our groundbreaking alliance with the AICPA, rapid product innovation and record levels of client satisfaction and success capped off with 80% quarter over quarter new customer growth,” said Robert Reid, CEO of Intacct. “2010 is going to be even better – we’ll deliver even more great products with dramatic innovation and exciting new partnerships that will substantially increase the already superior business value we deliver to our clients and partners.”
Intacct Partner Success
Intacct partners played a prominent role in the quarter’s success. Intacct’s alliance with the AICPA and their subsidiary CPA2Biz bore significant fruit, with CPA firms on-boarding record numbers of new Intacct Accountant Edition clients in the quarter. Intacct’s System Integration and Value Added Resellers partners also enjoyed significant momentum in the quarter.
“We had tremendous success in our Intacct business last quarter – it was the best quarter in the history of our company, we’re collaborating better than ever with the Intacct team and cloud computing adoption is really taking off” said Paul Cammisa, managing partner of Innovergent, a leading value-added reseller and implementation specialist. “Businesses are finding compelling value in the combination of Innovergent’s deep domain expertise and track record of successful implementations combined with award-winning cloud financials from Intacct.”
2009 Year in Review
Reflecting more broadly back on 2009, Intacct achieved many significant milestones. Here is a review of some of the company’s key accomplishments over the year:
* Intacct Named Preferred Provider of Financial Applications for the AICPA – In May, Intacct announced a groundbreaking alliance with the American Institute of Certified Public Accountants (AICPA), and its subsidiary CPA2Biz, to help CPA firms and their small and mid-sized business clients adopt “cloud computing” to improve their financial performance, take better advantage of financial advice and make better and faster business decisions. Since the announcement, more than 1,000 CPA firms have already expressed interest in adopting Intacct.
* Intacct Introduced a New CEO – Following the retirement of Mike Braun, Intacct announced the appointment of Robert Reid as president and chief executive officer. Reid brings Intacct more than 30 years of software industry experience, deep expertise in bringing cloud computing to the world of business applications and a proven track record of driving explosive growth at innovative companies.
* Continued, Rapid Innovation – Intacct stands out by delivering rapid innovation in the financial applications marketplace, focused on innovative solutions that provide significant benefits to clients. For example:
o The delivery in February of Intacct Global Consolidations, a breakthrough new application that revolutionizes financial consolidation, reporting and analysis – extending the company’s leadership in providing advanced solutions to the unique needs of multi-entity and multi-national companies.
o The release in August of a new and improved version of Intacct MAX(TM) for Salesforce CRM, a streamlined “lead to cash” application built on the Force.com platform that seamlessly connects Intacct, the most popular financial management and accounting system on the salesforce.com AppExchange and Salesforce CRM, the industry-leading cloud computing CRM application.
o More than 100 new features and enhancements released monthly throughout the year in response to requests from Intacct’s clients and partners.
* Corporate and Product Awards – Intacct earned numerous company and product awards and accolades, including:
o The 2009 CODiE Award for the Industry’s Best Financial Software
o The 2009 K2 Quality Award for the Industry’s Best Customer Service
o Named one of 10 Innovative Application Software Companies to Watch by IDC
o Named to JMP Securities’ list of the Top 100 Privately Held Software Companies
o Named to Accounting Today’s Top 100 Accounting Solutions list
o Earned 5-Star Product Review from CPA Technology Advisor
* World Class Operations – Intacct is proud to offer its market-leading Buy with Confidence service level guarantees. Across all of 2009, Intacct delivered in excess of 99.98% uptime – availability few companies can rival.
* Highest Customer Satisfaction – All Intacct employees are focused on ensuring that clients receive the highest levels of service. In the company’s quarterly satisfaction surveys, nine of ten clients regularly say they would recommend Intacct to their colleagues. In 2009, the company also introduced the new Intacct Health Check service designed to ensure that clients are receiving maximum value from their investment in Intacct.
Also in 2009, Intacct furthered its strategy of partnering with market leading cloud computing companies to offer a complete, best of breed cloud-based solution to its clients and partners. New 2009 partners include Avectra, BNA Software, ExpenseBay and SmartTurn, joining the company’s growing portfolio partnerships that includes cloud computing leaders such as Adaptive Planning, ADP, Avalara, Avankia, Appirio, Boomi, CompuPay, IBM, Ingres, Fellowship Technologies, Pervasive, QuickArrow, RealPage, salesforce.com, SpringCM, Wells Fargo and Zuora.
About Intacct
Intacct is the market and technology leader in web-based financial management and accounting applications for businesses and CPA firms. Bringing cloud computing to finance and accounting, Intacct’s award-winning applications are the preferred financial applications for AICPA business solutions. Intacct applications are used by thousands of businesses, from startups to public companies and are designed to improve company performance and make finance more productive. The Intacct system includes accounting, contract management, revenue recognition, inventory, purchasing, vendor management, financial consolidation and financial reporting applications, all delivered over the Internet via Software as a Service (SaaS).
Intacct is headquartered in San Jose, California. For more information, please visit www.intacct.com or call 877-437-7765.
Media Contacts:
Peter Olson
408-878-0951
polson@intacct.com
Twitter:Intacct_Peter
Source: Intacct