SOURCE: Intacct

Intacct

April 26, 2011 10:00 ET

Intacct Wraps Up Stellar Quarter With 250 Percent Year Over Year New Business Growth

Record Quarter Highlighted by a Ten-Fold Increase in VAR Channel Sales

SAN JOSE, CA--(Marketwire - Apr 26, 2011) - Intacct, a leader in cloud financial management and accounting software, today announced record results and outstanding growth for the company's third fiscal quarter, ended March 31. The quarter was highlighted by 250% year over year new business growth, including a ten-fold year over year increase in new business from the VAR channel. The result was by far the best fiscal third quarter in the history of the company.

Intacct continues to see small and mid-sized organizations flock to its award-winning suite of cloud financial management and accounting software. The majority of these new clients switched to Intacct by either graduating from Intuit QuickBooks or upgrading from outdated on-premises mid-market financial applications from Microsoft and Sage. Intacct was particularly successful in head-to-head deals versus NetSuite. New clients cited Intacct's superior financial applications, real-time business visibility, unmatched flexibility and high ROI as their top reasons for making the switch.

Significant Channel Momentum
Intacct continues to grow its community of channel partners, adding 20 new partners during the quarter and expanding relationships with multiple existing partners. The new partners are ramping quickly, with many closing new clients within their first 90 days of becoming part of the Intacct family.

"We've had a tremendous start in our efforts to sell and implement Intacct," said Matt Armanino, COO and Consulting Partner at Armanino McKenna. "After announcing our VAR partnership just three months ago, we've already kicked off two projects with Bay Area technology companies and added another full time consultant to our practice. Intacct has clearly invested significantly in its partner enablement program and my team has benefited from extensive training and coaching by Intacct's experts."

"AccessTek on-boarded with Intacct quickly and easily, and we signed our first two Intacct clients in the initial quarter of our newly formed partnership," said Lindy Antonelli, founder and CEO of AccessTek. "It is so refreshing to talk with business owners and decision makers about the Intacct cloud offering. Our clients have a pent-up demand for the world-class accounting functionality, the platform integration offerings and the level of customer service that Intacct delivers."

Antonelli continues, "Intacct has exceeded our expectations in not only the depth of product functionality but also in their support of our sales efforts and training of our technical staff. We see tremendous growth opportunities for AccessTek, thanks to Intacct."

Accolades Roll In
Intacct's momentum has not gone unnoticed by industry watchers. The company recently received a number of prestigious industry accolades, including:

  • The Software & Information Industry Association (SIIA) named Intacct a finalist for a 2011 CODiE Award in the "Best Financial Management Solution" category
  • CRN named Intacct one of the Top 100 cloud computing vendors and one of the Top 20 cloud application vendors of 2011
  • For the second year in a row, AlwaysOn named Intacct to its "OnDemand 100" list of the fastest growing private companies
  • For the third time in a row, JMP Securities named Intacct to its Hot 100 list of the best privately held software companies

"This was another impressive quarter for Intacct, with significant and accelerating growth across the board, plus great new industry recognition," said Robert Reid, president and CEO of Intacct. "I'm particularly excited by how fast our new partners are coming up to speed and becoming productive -- delivering success and business value to our growing Intacct customer base. With our strong growth, we are investing even further in our solutions and support for our customers."

About Intacct
Intacct is the cloud financial management company. 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 organizations from startups to public companies and are designed to improve company performance and make finance more productive. Hundreds of leading CPA firms and Value Added Resellers offer Intacct to their clients. The Intacct system includes accounting, contract management, revenue management, project and fund accounting, inventory, purchasing, vendor management, financial consolidation and financial reporting applications, all delivered over the Internet via cloud computing.

Intacct is headquartered in San Jose, California. For more information, please visit www.intacct.com or call 877-437-7765.

Intacct and the Intacct logo are trademarks of Intacct Corporation. QuickBooks is a registered trademark of Intuit. All other company and product names mentioned herein may be trademarks of their respective owners.

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