SOURCE: Intacct

Intacct Logo

January 13, 2010 09:30 ET

Intacct Caps Stellar Year With Record Breaking Final Quarter of 2009

Strong Performance Showcases Cloud Computing Momentum and Recession Easing for Clients

SAN JOSE, CA--(Marketwire - 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 (SaaS) and cloud computing vertical; in companies already using 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 Reseller 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.

--  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:

    --  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.

    --  The release in August of a new and improved version of Intacct
        MAX™ for Salesforce CRM, a streamlined "lead to cash"
        application built on the platform that seamlessly
        connects Intacct, the most popular financial management and
        accounting system on the AppExchange and Salesforce
        CRM, the industry-leading cloud computing CRM application.

    --  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:

    --  The 2009 CODiE Award for the Industry's Best Financial Software
    --  The 2009 K2 Quality Award for the Industry's Best Customer Service
    --  Named one of 10 Innovative Application Software Companies to Watch
        by IDC
    --  Named to JMP Securities' list of the Top 100 Privately Held
        Software Companies
    --  Named to Accounting Today's Top 100 Accounting Solutions list
    --  Earned a 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 out 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.

Intacct has also 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, Fellowship Technologies, Pervasive, QuickArrow, RealPage,, 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 or call 877-437-7765.

Intacct and the Intacct logo are trademarks of Intacct Corporation. All other company and product names mentioned herein may be trademarks of their respective owners.

Contact Information