SAN JOSE, Calif. – April 28, 2010 – Intacct, the leader in cloud financial management and accounting applications, today announced that continued rapid new business growth, accelerating channel momentum and increasing client adoption led to an all-time record performance in its third fiscal quarter, ended March 31, 2010. In fiscal Q3, Intacct delivered the highest revenue of any quarter in the history of the company, with strong performances across nearly every part of its business – from revenue to channel sales, new user subscriptions, customer upgrades and customer retention.
Intacct’s channel momentum continued to accelerate, led by its partnership with the American Institute of Certified Public Accountants (AICPA). Ten of the top 100 largest CPA firms in the United States are now providing Intacct’s cloud-based financial management and accounting applications to their clients. More than 100 CPA firms have already joined the Intacct Accountant Program, administered by CPA2Biz, a subsidiary of the AICPA.
Renewals and client adoption were also very strong in the quarter. In a trend that began the prior quarter and accelerated in fiscal Q3, Intacct’s existing customers renewed their existing subscriptions, added new features and provisioned new users at pre-recession levels. Intacct’s strong customer base performance is reflective of improvements in the company’s own business condition, coupled with high customer satisfaction and increased adoption of innovative new capabilities delivered by Intacct over the last year.
“Intacct knocked it out of the park again in fiscal Q3. In a time when many of our competitors are shrinking, we came in at over 200 percent of plan,” said Robert Reid, president and CEO of Intacct. “We continue to see strong momentum in all areas of our business. With continuous product innovation and unmatched customer satisfaction, companies are flocking to Intacct to take advantage of the outstanding business value we deliver.”
Other highlights from the quarter included:
- Operational Excellence – Intacct achieved perfect 100% uptime over the entire quarter. Real-time status of Intacct’s systems is always publically available on Intacct’s website at http://www.intacct.com/status. Over the past 12 months, the company has achieved 99.99% uptime – exceeding the market leading commitments in its “Buy with Confidence” service level agreement (SLA) (http://us.intacct.com/pr/confidence).
- Product Innovation – In January, Intacct announced the launch of Intacct Winter 2010. The latest edition of the Intacct financial management system showcases an enhanced multi-dimensional general ledger which allows companies to capture, plan, report and analyze detailed business information in real time. In addition, the release contains an innovative new advanced revenue management application that dramatically reduces costs and improves compliance. Intacct Winter 2010 also includes a new employee purchasing application now packaged together with employee expense management for cost effective deployment across an organization. (http://bit.ly/afGC39).
- Industry Recognition – Intacct continues to receive numerous product and company accolades from across the industry. During the quarter, the company was named one of the “20 Coolest Cloud Productivity App Vendors” by CRN and Intacct Winter 2010 was named one of the “Top 10 Small Business Financial Applications” by SmallBusinessComputing.com. Intacct was also named a finalist for the 2010 SIIA CODiE Awards in both the Best Financial Software and Best Business Software categories. Most recently, Intacct was named to the Inaugural ‘OnDemand 100’ list of fastest growing private companies by Morgan Stanley, KPMG and AlwaysOn (http://us.intacct.com/corporate/awards.php).
“Intacct continues to set itself apart from the competition – winning numerous awards, growing our business faster and delivering more customer satisfaction and higher business value than any other financial management solution in the market,” continued Reid.
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 cloud computing.
Intacct is headquartered in San Jose, California. For more information, please visit www.intacct.com or call 877-437-7765.