Sage Intacct, Inc, previously known as Intacct Corporation, is an American provider of Financial management and services. The company was founded in 1999 and it was acquired by The Sage Group PLC for $850 million in 2017. Its products offer cloud-based accounting applications that enable business payments, manage and pay bills, and facilitate payroll functions.
History
Intacct was founded by Odysseas Tsatalos and David Thomas in 1999 as one of the first accounting applications for the cloud. The company was headquartered in San Jose, grew organically and offered a suite of accounting software that could serve medium and large-sized businesses with consolidated ERP, and e-commerce features. On July 25, 2017, the company announced to its customers, employees, and shareholders the intention to become an independent and wholly owned subsidiary of The Sage Group PLC.
Features
Sage Intacct has a suite of subscription-based accounting products. Its web-based applications are built on top of its internally developed platform. Sage Intacct’s application includes accounts payable, accounts receivable, cash management, collaborate, general ledger, order management, purchasing, and reporting and dashboards.
Add-on programs
In addition to the core financial product, Sage Intacct released add-on software applications for contract and subscription billing, contract revenue management, fixed assets, inventory management, multi-entity and global consolidations, project accounting, project billing, sales and use tax, time and expense management and vendor payment services. It allows integration of third-party software such as Salesforce, Certify, ADP, SAP Concur and others.
Operations
Founded and headquartered in San Jose, the company initially grew organically, but more recently has grown primarily through acquisitions. It now operates in India and Romania. Sage Intacct has more than 11,000 customers and nearly 500 employees across the world.
Funding
In 2000, Intacct got its first institutional investor, venture capital firm HWVP and completed a Series A round of $10 million. From 2001 to 2014, the company raised $130 million in funding primarily led by the Battery Ventures, BVP, Sigma Partners and Emergence Capital with the last round of $30 million in 2014 with the company valuation of $211 million.
