Sage Intacct Explained

Sage Intacct, Inc
Former Name:Intacct Corporation
Type:Subsidiary
Industry:Software
Location City:San Jose, California
Key People:Steve Hare (CEO – The Sage Group plc)
Products:Accounting software
Num Employees:500
Num Employees Year:2018
Parent:Sage Group

Sage Intacct, Inc is an American provider of cloud-based accounting software and services available a number of regions around the globe – including the United States, Canada, the UK, Australia, and South Africa.[1] [2] [3] Its products offer cloud-based accounting applications that enable business payments, manage and pay bills, and facilitate payroll functions.[4] [5]

The company was founded in 1999 and it was acquired by The Sage Group for $850 million in 2017.[6]

History

Intacct was founded by Odysseas Tsatalos and David Chandler Thomas in 1999 as one of the first accounting applications for the cloud.[7] The company was headquartered in San Jose, California, grew organically and offered a suite of accounting software that could serve medium and large-sized businesses with consolidated ERP, and e-commerce features.[8] [9] [10]

In 2000, Intacct got its first institutional investor, venture capital firm HWVP and completed a Series A round of $10 million.[11] [12] 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.[13] [14] [15]

In 2017, Intacct Corporation was acquired by the British multinational accounting software company, The Sage Group PLC, for $850 million and was subsequently rebranded as Sage Intacct.

Features

Sage Intacct has a suite of subscription-based accounting products.[16] Its web-based applications are built on top of its internally developed platform.[17] Sage Intacct's application includes accounts payable, accounts receivable, cash management, collaborate, general ledger, order management, purchasing, and reporting and dashboards.[18] [19]

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.[20] [21] [22] It allows integration of third-party software such as Salesforce, Certify, ADP, SAP Concur and others.[20] [23]

Operations

Founded and headquartered in San Jose, the company initially grew organically, but more recently has grown primarily through acquisitions.[24] [25] In addition to its US offices, it also operates in India and Romania,[26] as well as product localizations being developed at Sage's other international offices such as Barcelona, Spain, Newcastle upon Tyne, UK and Poland.[27] Sage Intacct has more than 14,000 customers and nearly 500 employees across the world.

Awards and recognition

See also

Notes and References

  1. Web site: Roof . Katie . 2017-07-26 . Sage Group buys Intacct accounting software for $850M . 2022-03-22 . . en-us.
  2. News: Intacct's market success continues. 2016-05-13. diginomica. 2018-06-03. en-US.
  3. Web site: Brooks. Steve. 2020-08-06. Sage Intacct launches in South Africa -. 2020-08-21. Enterprise Times. en-GB.
  4. News: Sage Intacct: A Modern and Trustworthy Cloud Solution For Finance Executives – Insights success. 2018-04-26. Insights success. 2018-06-03. en-US.
  5. News: Intacct's CEO Robert Reid On Growing A Successful Cloud Computing Business. Columbus. Louis. Forbes. 2018-06-03. en.
  6. News: Sage buys cloud accounting software firm Intacct – Enterprise Times. 2017-07-26. Enterprise Times. 2018-06-03. en-GB.
  7. News: The Case for Cloud-Based ERP. Johnson. Debbie Schultz, Michael. 2016-03-25. CFO. 2018-06-03. en-US.
  8. News: Sage Intacct announces partner award recipients. Accounting Today. 2018-06-03. en.
  9. News: Robert Reid of Intacct: The Culture Always Comes First. 2014-12-20. The New York Times. 2018-06-03. en-US. 0362-4331.
  10. Cox . John . 2000-01-31 . Start-up serves accounting applications over the Internet.(Intacct)(Company Business and Marketing) . dead . Network World . 38 . https://web.archive.org/web/20180612141735/https://www.highbeam.com/doc/1G1-59222027.html . 2018-06-12.
  11. 2000-05-01 . Intacct Receives Venture Funding.(Company Financial Information)(Brief Article) . dead . Accounting Technology . https://web.archive.org/web/20181120131540/https://www.highbeam.com/doc/1G1-62521582.html . 2018-11-20.
  12. News: No IPO, debt funding instead. Intacct gets some fuel. Kepes. Ben. Computerworld. 2018-06-03. en.
  13. News: Accounting Software Maker Intacct Takes On $45M To Pick Up The Pace. Konrad. Alex. Forbes. 2018-06-03. en.
  14. Web site: Intacct Raises $45M To Bring Bean Counters To The Cloud – TechCrunch. techcrunch.com. 18 February 2014 . en-US. 2018-06-03.
  15. News: Term Sheet – Thursday, May 6. Fortune. 2018-06-03. en.
  16. Web site: NetSuite vs. Intacct ERP Comparison Guide 2021 . 2022-10-11.
  17. News: Vena Solutions adds FP&A integration for Sage Intacct. Accounting Today. 2018-06-03. en.
  18. News: Intacct Adds Mobile and Tablet Support. Accounting Today. 2018-06-03. en.
  19. News: The Public Health Accreditation Board Reaches $2 Million Revenue on Sage Intacct. 2018-06-03. en-US.
  20. News: Intacct launches subscription billing and SaaS dashboard. 2015-05-04. diginomica. 2018-06-03. en-US.
  21. News: An Intacct insight into revenue recognition – Enterprise Times. 2016-11-15. Enterprise Times. 2018-06-03. en-GB.
  22. 2002-02-01 . Intacct launches online inventory management solution.(Brief Article) . dead . The Practical Accountant . https://web.archive.org/web/20181121005111/https://www.highbeam.com/doc/1G1-83078691.html . 2018-11-21.
  23. 2000-07-01 . Intacct Moves Upstream. . dead . Accounting Technology . https://web.archive.org/web/20181117171158/https://www.highbeam.com/doc/1G1-63772105.html . 2018-11-17.
  24. Web site: Intacct lease fills part of San Jose's long-vacant Riverpark II. www.bizjournals.com. 2018-06-03.
  25. News: Intacct CFO Named Exec of the Year in Cloud Computing. CPA Practice Advisor. 2018-06-03. en.
  26. Web site: Intacct Opens Development Office in Romania . Intacct . December 9, 2020 . October 22, 2014.
  27. Web site: Macpherson . Sholto . Is This The Future of Sage? An Intro to Intacct – The Latest on Accounting Tech for SMEs . Digital First . December 9, 2020 . October 30, 2019.
  28. News: Intacct Digital Board Book for SaaS Metrics Wins BIG Innovation Award Globe Live News. 2016-02-17. Globe Live News. 2018-06-03. en-US.
  29. News: 2016 winners news – Best in Biz Awards. Best in Biz Awards. 2018-06-03. en-US.
  30. News: The Best Business Products of 2016. 2016-12-09. PCMag India. 2018-06-03. en-US.
  31. News: FORTUNE Magazine and Great Places to Work Name Sage's San Jose Sage Intacct Office One of the Bay Area's Best Workplaces. Intacct. Sage. GlobeNewswire News Room. 2018-06-03. en-US.
  32. Web site: G2crowd Reaffirms Intacct As The Best Accounting Software For Midsize And Enterprise Finance Teams In 2017 - Barchart.com. Barchart.com. en-US. 2018-06-03.
  33. Web site: Top 50 Products for Mid-Market 2019. G2. 2019-10-05.

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