SVB Provides $6 Million Line of Credit to Intacct
Intacct, a provider in cloud financial management and accounting software, announced it has secured an additional $13.5 million of financing in a combination of venture funding and a debt facility.
The majority of the new financing was secured through a $7.5 million venture funding round led by Split Rock Partners. The round featured all existing investors, including Bessemer Venture Partners, Emergence Capital, Sigma Partners and Sutter Hill Ventures. The remainder of the funding came in the form of a $6 million line of credit with Silicon Valley Bank.
The additional funds will be used to drive continued growth through extended product innovation and expanded distribution channels. Intacct also announced outstanding growth in new customer bookings of more than 97% for its first fiscal quarter, ended September 30.
“Intacct enjoys the backing of some of the most successful venture capital firms in the nation, and they continue to invest in the future of our business,” said Robert Reid, president and CEO of Intacct. “As evidenced by our consistent growth, we have outstanding momentum and these new funds will provide an even stronger foundation for future growth.”
“Cloud business applications are in the midst of a surge in adoption and Intacct has positioned itself to be a major player in this space for the long term,” said Jim Simons, managing director at Split Rock Partners. “We’ve been extremely impressed with Intacct’s execution and growth since we first invested in the company back in 2011. We are excited to have the opportunity to provide additional backing and help the company achieve its lofty goals.”
“Silicon Valley Bank has enjoyed a long relationship with Intacct and we are excited to expand it through this debt financing. Intacct is a pioneer of the Software as a Service business model and we are proud to have them as a client,” said John Willard, senior vice president at Silicon Valley Bank.