SOURCE: Intacct

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October 26, 2009 08:30 ET

Intacct Taps Industry Veteran Robert Reid as New CEO

Cloud Computing Visionary and Former Oracle, Siebel and Documentum Executive Appointed to Accelerate Company Growth and Momentum

SAN JOSE, CA--(Marketwire - October 26, 2009) - Intacct, the leader in cloud financial management and accounting applications, today 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. Reid takes over for Mike Braun, who previously announced his retirement after 38 years in the information technology business.

"Rob has a tremendous track record of success in both cloud computing and enterprise software, and I am confident he is the perfect choice to take over the reins at Intacct," said Mike Braun, now CEO Emeritus of Intacct. "I've greatly enjoyed my last three years at Intacct. I'm very proud of the customer-centric culture we've built that has resulted in nine out of ten Intacct clients saying they would recommend Intacct to their friends. We have tripled the size of the company and quadrupled our investment in developing great products. I'm excited about Intacct's future and am planning to stay involved with the company in my new role as Intacct CEO Emeritus."

Reid most recently was president and CEO of LucidEra, the software as a service (SaaS) market leader for Business Intelligence, with a focus on driving sales performance. Prior to LucidEra he was group vice president, Siebel CRM On Demand, for Oracle Corporation where he led the team responsible for the industry leading on-demand CRM solution. Reid came to Oracle from Siebel where he was responsible for the small and medium business sector. Reid joined Siebel via the acquisition of UpShot, the on-demand CRM innovator, where he served as president and CEO and grew the company ten-fold in just three years.

Reid's extensive background also includes serving as president of Concur Commerce Network, an e-marketplace for small to midsized businesses, as well as president and CEO of Seeker Software, a pioneer in web-based Human Resource applications. Prior to that, Reid was a vice president at Documentum, where he helped established the company as the business and technology leader in Document Management and the fastest growing software company in Silicon Valley in the early 1990s. Reid has also held executive management positions at Octel Communications, NBI and Zenith Data Systems.

"Intacct is poised to dominate in cloud financial applications, the fastest growing segment of the world's largest application software market," said Reid. "My goal is to use my experience building industry leaders to accelerate Intacct's current momentum -- which includes substantial revenue growth, being named the preferred provider of financial applications by the AICPA and winning the prestigious 2009 SIIA CODiE Award for Best Financial Software Solution. I'm excited to join a company with an outstanding product that delivers significant value to customers, a management team with unparalleled knowledge and industry experience and employees that are dedicated to client success and satisfaction at all levels."

About Intacct

Intacct is the market and technology leader in on-demand 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.

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