Cloud software vendor Intacct is moving toward an initial public offering withinthe next year. The statement was made this week by CEO Robert Reid, CEO at the company's Advantage conference this week and represents a reversal of the direction the company appeared to be going a year ago.
Reid says the company will be ready and the things that could thwart and offering are issues such as market conditions and the political climate outside of its control.
"If we don't go, it won't be because of us," Reid said.
At Intacct's conference a year ago, Reid's comments suggested a public offering was less likely because debt financing was cheaper at that point than the cost of an IPO. In May, Intacct secured $40 million in financing through a new debt facility from Silicon Valley Bank.
Reid said the movement toward an IPO had been slowed by market expectations. Three or four years ago, he said, a company cold make an offering with $50 million in revenue while still losing money. Now, Reid continued, investors expect a profitable company with at least $100 million in annual sales.
Bob Scott has provided information to the tax and accounting community since 1991, first as technology editor of Accounting Today, and from 1997 through 2009 as editor of its sister publication, Accounting Technology. He is known throughout the industry for his depth of knowledge and for his high journalistic standards. Scott has made frequent appearances as a speaker, moderator and panelist and events serving tax and accounting professionals. He has a strong background in computer journalism as an editor with two former trade publications, Computer+Software News and MIS Week and spent several years with weekly and daily newspapers in Morris County New Jersey prior to that. A graduate of Indiana University with a degree in journalism, Bob is a native of Madison, Ind
