Intacct, a San Jose, California-based provider of cloud financial management and accounting software, has secured an additional $13.5m venture and debt financing.
A $7.5m venture funding round was led by Split Rock Partners, with participation from existing investors Bessemer Venture Partners, Emergence Capital, Sigma Partners, and Sutter Hill Ventures.
The remainder was provided by Silicon Valley Bank in the form of a $6m line of credit.
The company intends to use the funds for product innovation and expansion of its distribution channels.
Led by Robert Reid, president and CEO, Intacct provides cloud-based financial management and accounting software, which includes accounting, contract management, revenue management, project and fund accounting, inventory management, purchasing, vendor management, financial consolidation and financial reporting applications.
It is in use by more than 5,000 organizations from startups to public companies.
FinSMEs
18/10/2012