SAN JOSE, Calif. – Jan. 26, 2011 – Intacct, a leader in cloud financial management and accounting applications, today announced record breaking results for 2010 and for the company's second fiscal quarter, ended December 31. The quarter was highlighted by 68% year over year growth in new client subscriptions, as well as all-time records in existing customer upgrades and add-ons. The end result was the best quarter in the history of the company.
A gain of more than 800 net new clients for the calendar year drove Intacct’s market penetration to an all time high; more than 4,000 organizations worldwide are now enjoying the benefits of Intacct for cloud-based financial management. Such rapid subscriber growth is enabled by very high client retention and record customer satisfaction. In Intacct’s most recent quarterly customer satisfaction survey, compiled in December 2010, an all-time high of 94.2% of clients surveyed indicated they would recommend Intacct to their colleagues.
The company’s channel investments are also bearing significant fruit, with twenty four new and nine expanded business partner relationships. Some of the leading companies that have recently joined or expanded their role in the Intacct channel program include AccessTek, Aktion Associates, Armanino McKenna, Clifton Gunderson, Eide Bailly, JMT Consulting Group, LarsonAllen, McGladrey, Navigator Technologies, Nims and Associates, Sererra, SingerLewak, Synergy Business Solutions and Tendras Business Advisors.
Intacct’s alliance with the AICPA continued to deliver strong results in 2010. Interest in cloud computing within the CPA profession rose to an all-time high. 11 of the top 100 largest CPA firms in North America have joined the Intacct Accountants Program from CPA2Biz, and CPA firms of all sizes on-boarded record numbers of new Intacct Accountant Edition clients in 2010. A significant trend that developed during 2010 was large CPA firms standardizing on Intacct across both their consulting and business process outsourcing practices. Intacct also announced a new partnership with SCORE designed to bring cloud computing to the more than one million small businesses SCORE nurtures every year, by connecting them with AICPA member CPA firms in the Intacct Accountants Program.
Intacct's business in 2010 was particularly strong in several sectors of the economy, including the software, business services and not for profit vertical industries. In addition, companies already using salesforce.com continued their strong adoption of Intacct’s best of breed cloud-based financial applications. The year was also highlighted by an increasing number of organizations switching their financial software to Intacct from Intuit, Microsoft, NetSuite and Sage.
"From all angles and across all measures, Intacct really delivered in 2010. With 68% year over year new business growth last quarter, we continue to grow significantly faster than our rivals,” said Robert Reid, CEO of Intacct. “Our partnership with the AICPA continued to accelerate this year, we delivered more new applications and enhancements than ever before, and our client satisfaction and retention both hit all-time record levels. Looking ahead to 2011, we foresee unprecedented growth and new business opportunities for both Intacct and our partners, as our new and expanded channel partnerships take off."
2010 Year in Review
Reflecting more broadly on 2010, Intacct achieved many significant milestones. Here is a review of some of the company's key accomplishments over the past year: