Intacct Names Bruce Mitchell To Head Business Development.

Business Editors/High-Tech Writers

LOS GATOS, Calif.--(BUSINESS WIRE)--June 12, 2000

Intacct Corporation, the first Internet accounting system provider for the midmarket, today announced the appointment of Bruce Mitchell as vice president, business development. Mitchell's responsibilities include development of Intacct's strategic alliances, channel programs and customer sales efforts.

Mitchell has more than 20 years' experience in the ASP, database, financial planning and application software industries. Most recently, he was president and CEO of three Silicon Valley startups: NewMoon.com, a turnkey vendor of ASP deployment services, where he spent the last three years; Avistar Systems, a networked video distribution and conferencing company; and Siren Software, an Internet e-mail and networked fax software developer, which he co-founded in 1991.

Before founding Siren, Mitchell was vice president of product line marketing and vice president of the PC products division at Oracle Corporation.

"We've started to add on services from a variety of partners to the professional accounting system we've already built -- services that work in the context of the accounting system," said David Thomas, CEO of Intacct Corporation. "Since alliances are such a strategic part of our strategy and a key differentiator between Intacct and our competition, we are delighted to have a respected veteran like Bruce Mitchell on our team."

"Traditional client-server accounting software vendors have ignored the Internet and have not delivered a professional online solution for midsize businesses," said Mitchell. "The company that wins this war will own the business services market for midsize businesses on the Internet. Intacct's business model, based on David Thomas' experience in accounting systems and understanding of Internet technologies, is uniquely positioned to do just that."

Mitchell began his career as a systems programmer, salesperson and product manager with Chase Decision Systems, Javelin Software, and Management Decision Systems, where he built and marketed financial analysis tools and decision-support products. Mitchell holds a bachelor's degree in Economics and Geography from the University of Delaware.

Intacct Corporation, the first Internet accounting system provider for the midmarket, offers professional-strength accounting systems and related business services to companies with up to 1,000 employees. The Intacct system is designed for companies that have outgrown entry-level PC-based accounting packages but seek an alternative to complex, IT-intensive client-server solutions. Offered on a monthly subscription basis, the Intacct service can be accessed via any browser, and can be previewed on the Web at www.Intacct.com.

Founded in June 1999 by accounting software pioneer David Thomas, developer of one of the first PC-based accounting systems, Intacct is funded by the Silicon Valley venture capital firm, Hummer Winblad.