The Perfect Match: Sage Acquires Intacct - BrainSell Technologies - ContactCenterWorld.com Blog
Before accounting was hip, a little-known start up was aiming to change that. Nestled in the foothills of the Silicon Valley, amidst the high-tech innovation and development hub of the country, Intacct emerged in 1999 as a leading provider of cloud Financial Management Solutions, prepared to take the accounting world by storm.
Since that time, Intacct has accumulated widespread acclaim across the industry and the world, igniting an excitement for the future of accounting solutions not seen before. Intacct customers boast high satisfaction rates with the multi-tenant foundation that brings a robust technological infrastructure to their organization without the high costs, maintenance, or complexity of an on-site solution. The cloud based software can be accessed anywhere, from any device, and offers a user experience that’s modern and easy to learn. In addition, it connects easily with other cloud solutions, so users are free to choose business applications based on functional fit, not integration concerns. How hip is that?
Intacct – the perfect complement
So hip, in fact, that UK-based Sage, the other major player in cloud accounting and financial management software, acquired it on July 28, 2017. Sage has been on a mission to expand its payroll, HR, payments, and accounting services and this is a major step in that goal. You could say that Intacct fills a void in the Sage family. As a provider of small business management and accounting solutions, Sage is now more well rounded with Intacct’s experience in providing software solutions to midsize, large, and global companies in North America. “Intacct opens up huge opportunities in the North American market representing over half of our total addressable market,” noted Sage CEO Stephen Kelly in the company’s public announcement. As a result, Sage boasts that it can now ‘legitimately claim to offer the only cloud based financial management solution you will need from startup to enterprise.’
Intacct customers will benefit greatly from the merger as well. Partnering with Sage will provide them the backing of a much larger brand with R&D resources to match. This $850 million acquisition merger is Sage’s biggest deal to date. Accelerating their growth, they have acquired three other companies (Fairsail, Compass, and North American Payments Disposal) in 2017 alone.
“Intacct acquisition is a powerful move to attract users who would previously not have considered Sage,” said Brian Tankersley, Director of Strategic Relationships at K2 Enterprises, “I think this means that Sage has a much stronger range of solutions for accounting needs, and it fills a need they had for a native cloud product to create a more complete set of offerings.”
The trend is cloud, cloud, cloud
In the rapidly evolving market of accounting technology, the trend is in solutions, not tools.
The merger of Sage and Intacct represents this trend and not only shows the duo’s commitment to cloud-based technology but also recognizes the transition and change in the industry as a whole. In addition to cloud solutions, the duo will focus on developing the automation of back-office functions, a journey that started with Sage Live application several years ago. There is also a drive toward fully integrated systems with best of breed platforms such as Salesforce, with both Intacct and Sage Live having a powerful inbuilt connection to it.
What’s good for the goose, is good for the gander
Sage has extended its mid-market cloud strategy by adding one of the top independent cloud-based accounting packages on the market, Intacct, creating a win-win solution for both companies and exponential growth potential for global businesses.
Robert Reid, CEO of Intacct who will remain in his executive position, expressed his thoughts in response to the merger: “We are excited to become part of Sage because we are relentlessly focused on the same goal which is to deliver the most innovative cloud solutions for our customers. Intacct is growing rapidly in our market and we are proud to be a recognized customer satisfaction leader across midsize, large and global enterprise businesses. By combining our strengths with those of Sage, we can jointly accelerate success for our customers.”
Integrity wins the day
Intacct chose to partner with Sage in order to strengthen technology, a decision of integrity over IPO, a common decision for late term start ups. “This is an ‘overnight success’ many years in the making,” said Bessemer Venture Partners’ Byron Deeter. As an investor and former board member, Deeter believes “Intacct is at the scale where they could be a public company today, but instead chose to partner with Sage … and the opportunity to have a broader impact together.” It’s a win for Sage, for Intacct, and for global companies who will benefit.
Sage and Intacct’s mutual dedication to creating a high-performance culture within the accounting software marketplace is now doing so together, Moving forward, Intacct will be known as Sage Intacct.
Publish Date: August 18, 2017 5:00 AM
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