Intacct Announces Partnership With Panasonic Internet Incubator; ASP Provides Incubator Start-Ups With Powerful Web-Based Accounting

Business Wire, Feb 22, 2000

Business Editors

CUPERTINO, Calif.--(BUSINESS WIRE)--Feb. 22, 2000

Intacct Corporation, the leading Internet accounting Application Service Provider (ASP), today announced that all member companies of the Silicon Valley-based Panasonic Internet Incubator now have access to its powerful web-based accounting service at no charge. The member companies can use their Intacct subscription for free until they outgrow the incubator, and may continue to use Intacct at the rate of $49.99 per month. Participating in the Panasonic Internet Incubator are Internet start-ups, including 2Roam, Dynaptics, eMentoring.com, Fort Nocs, and MagicBeanStalk.com.

"Our partnership with the Panasonic Internet Incubator provides these emerging companies with sophisticated accounting services that they otherwise could not afford," said David Thomas, President and CEO of Intacct. "The Intacct service instantly scales to meet their rapidly changing needs, and provides them with the Internet's anywhere-anytime accessibility along with e-business features. Companies can add users and departments as they grow with affordable and hassle-free accounting."

Panasonic Internet Incubator was recently created by the Panasonic Digital Concepts Center (PDCC) to provide Internet start-ups with critical business services. The incubator offers its members access to executives who bring extensive experience from corporate and venture capital firms, Panasonic research and development labs, and successful industry and corporate incubators. The incubator also provides a "plug and play" environment for startups, including leases, infrastructure and office management.

The Panasonic Internet Incubator is specifically designed for Internet entrepreneurs. It provides start-ups with the fuel they need -- whether that's contacts, access to funding, or on-site advice from experienced executives to dramatically accelerate the growth of their businesses and quickly get them their first round of significant equity financing.

"With Intacct, the Panasonic Internet Incubator is supporting its start-up entrepreneurs with world-class services," said Jim Robbins, executive director of the Panasonic Internet Incubator. "As we provide these early-stage companies with fundamental assistance and explore areas of mutual benefit, the incubator provides value to further accelerate their growth."

Robbins is a recognized leader in the formation of business clusters including the San Jose Software Business Cluster, which has attracted $200 million in venture funding since it opened in 1994, and the Women's Technology Cluster in San Francisco. Incubator Advisory Board members include John Battelle, president and CEO, The Industry Standard; Guy Kawasaki, CEO, Garage.com; and Mario Rosati, partner, Wilson Sonsini Goodrich & Rosati.

Secure World Class Accounting

The Intacct accounting service is highly secure, delivered from state-of-the-art, secure data centers that house redundant Internet backbone connections, powerful Oracle 8i database servers that keep mirrored copies of customer data, sophisticated Alteon load-balancing servers, and custom-built web application servers. Intacct provides automatic software updates at no charge and nightly data backup that do not interrupt its 24/7 availability.

About Intacct Corporation

Intacct is an Internet application service provider (ASP) that delivers web-based accounting solutions to the mid-market at a fraction of the cost of traditional client-server systems. Founded in June 1999 by accounting software pioneer David C. Thomas, Intacct is based in Cupertino, California. Intacct is privately financed and can be found on the Web at www.intacct.com.

About Panasonic Digital Concepts Center (PDCC)

Established in 1998, Cupertino-based Panasonic Digital Concepts Center (PDCC) houses the Panasonic Internet Incubator, Panasonic Ventures and representatives from a dozen subsidiaries of Matsushita Electric Industrial Co., Ltd. (MEI) (NYSE: MC) of Japan. Its mission is to create new technologies, products, services and business models in the home networking, Internet applications and e-commerce areas by partnering with the Silicon Valley venture community. A unit of Panasonic Technologies, Inc. -- itself a wholly owned MEI subsidiary -- PDCC creates value for local start-up companies through incubation services, late-stage investments and international relationships that accelerate the companies' growth.

Intacct is a servicemark of Intacct Corporation. Other products mentioned are trademarks of their respective owners. NASDAQ:ORCL, NASDAQ:CSCO, NASDAQ:VRIO