The statement represents a reversal of Reid's comments a year ago which suggested a public offering was less likely because debt financing was cheaper at that point than the cost of an IPO. In May, Intacct has secured $40 million in financing through a new debt facility from Silicon Valley Bank.Reid said one thing that has forestalled an IPO is investor expectations. Where once a company could go public with $50 million in revenue an not be profitable, the street now wants $100 million and profitability. Reid said Intacct has shown four straight years of revenue growth of more than 40 percent.
INTACCT TARGETS GOING PUBLIC Featured
Intacct hopes to make an initial public offering in the next year. The statement was made this week by Robert Reid, CEO of the cloud software company, at its Advantage conference this week. "If we don't go, it won't be because of us," Reid said, explaining market factors and politics could thwart the plan but Intacct will ready to go.
