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Power Law company profile

Intacct

Fintech · San Jose, United States · Founded 1999

Intacct Corporation, now operating as Sage Intacct, was established in 1999 in San Jose, California, by founders David C. Thomas and Odysseas Tsatalos. They positioned the company as one of the first providers of accounting applications built specifically for the cloud, a concept that preceded the widespread adoption of cloud computing. The name "Intacct" itself is a blend of "Internet" and "Accounting," reflecting this core vision. Tsatalos, who served as the Chief Technology Officer, brought a deep technical background to the venture, holding a Ph.D. in Computer Science from the University of Wisconsin-Madison and prior experience as a research staff member at IBM Almaden Research Center. The company's journey began with a $10 million Series A funding round in 2000, and it went on to raise an additional $130 million between 2001 and 2014 from investors including Battery Ventures, BVP, and Emergence Capital. A significant milestone occurred in July 2017 when the British software company, The Sage Group PLC, acquired Intacct for $850 million. This acquisition was a strategic move by Sage to accelerate its cloud-first strategy and expand its presence in the North American market. Following the acquisition, Intacct was rebranded as Sage Intacct but continued to operate under its existing management team to ensure continuity. Sage Intacct provides cloud-based financial management and accounting software primarily for small to medium-sized businesses (SMBs) and mid-market companies. Its business model is subscription-based, with pricing structured per module and per user, allowing clients to scale the solution according to their needs. The platform is designed to serve a variety of industries, including software and SaaS, professional services, nonprofits, healthcare, and wholesale distribution. Revenue is generated through these subscription fees for its suite of applications. The software automates core financial processes such as accounts payable, accounts receivable, cash management, and general ledger functions. Key features include multi-dimensional reporting, which allows for detailed financial analysis, real-time dashboards, and tools for managing complex processes like multi-entity consolidation and revenue recognition. The platform also offers specialized modules for project accounting, subscription billing, and industry-specific needs, and integrates with a wide array of third-party applications through its marketplace. Keywords: cloud accounting, financial management software, ERP, SaaS accounting, David C. Thomas, Odysseas Tsatalos, Sage Group, accounts payable automation, accounts receivable, cash management, general ledger software, subscription billing, revenue recognition, multi-entity consolidation, financial reporting, nonprofit accounting, professional services automation, healthcare finance, wholesale distribution ERP, AICPA preferred, real-time financial dashboards