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FloQast, which makes accounting and finance software for corporate accountants, has raised $100 million in Series E funding.

The Los Angeles, Calif.-based company also reported it recently had achieved $100 million in annual recurring revenue. The funding will be invested in R&D for developing new products and the company singled out artificial intelligence as an area of new development. FloQast will also use the capital for expanding globally. It markets products that include FloQast Close, Reconciliation Management, Variance Analysis and Compliance Management. The company’s products integrate with ERP systems including Dynamics AX, GP , Nav, Business Central, and Finance and Infor, Sage Intacct, NetSuite and SAP S/4 Hana. FloQast’s channel includes consulting partners such as Aprio,  BDO, Crowe and Forvis and resellers including BakerTilly, Cargas, EideBailly, RKL eSolutions and Sikich. The round was led by Iconiq Growth with BDT, MSD Partners and World Innovation Labs as new investors. Existing investors Meritech Capital and Sapphire Ventures also participated.

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