BlackLine Systems, Inc., is an American enterprise software company that develops cloud-based services designed to automate and control the entire financial close process.[3][4][5] The Los Angeles–based company has 17 offices worldwide.[6]
 | |
| Company type | Public |
|---|---|
| Nasdaq: BL Russell 2000 component S&P 600 component | |
| Industry | Software |
| Founded | 2001 |
| Founder | Therese Tucker |
| Headquarters | |
Key people |
|
| Products | Financial software |
| Revenue | $523 million[1] (2022) |
Number of employees | 1,055[2] (2019) |
| Website | www |
History
edit
BlackLine was founded in 2001 by Therese Tucker, a former CTO at SunGard Treasury Systems.[7][8][9] The initial goal was to help customers replace their use of Excel with a suite of accounting software.[10]
The company functioned with no outside funding until 2013 when the private equity firm, Silver Lake Partners invested more than $200 million in the company.[11][10]
Blackline reached an agreement to form a strategic alliance with the financial consulting firm McGladrey, in 2015. As part of the alliance, the companies began offering a business process as a service (BPaaS) platform.[12]
The company's IPO was October 28, 2016; they're listed on the Nasdaq under the symbol BL. [13][14]
Runbook acquisition
editIn September 2016, the company acquired its European competitor, Runbook for $34 million.[9][15]
Runbook marketed a dashboard software application program for SAP; before it was acquired by Blackline.[16]
The software's "automation of recurring financial processes" adds "visibility and transparency" and strengthens "internal controls and compliance documentation" of data maintained by SAP.[17]
SAP agreement
editIn 2018 Blackline reached an agreement with SAP for the latter "to resell BlackLine's .. cloud-based finance and accounting solutions" as part of "SAP Solution Extensions."[18]
Rimilia acquisition
editIn October 2020, the company acquired UK-based accounts receivable automation company Rimilia for $150 million.[19]
Rimilia's cloud-based SaaS platform "uses AI to accurately apply payments to customer's invoices with any ERP system".[20]
Operations
editBlackline provides software for more than 4,000 companies including Costco, Netflix, Coca-Cola, JetBlue Airways, Google, Kraft Heinz, Under Armour, Sirius XM Holdings.[9] The company creates enhanced financial controls, in contrast to basic general ledger applications. BlackLine's software manages financial data, reconciles balances from sub-systems, ensures accurate and complete closings, and monitors regulatory controls through a system known as continuous auditing. The company's software is cloud-based, primarily running on the Google Cloud Platform, and meets ISO 27001 standards.[21]
See also
editReferences
edit- ^ "BlackLine Announces Fourth Quarter and Full Year Financial Results". GlobeNewswire. February 14, 2023.
- ^ "Blackline". May 21, 2020. Retrieved May 21, 2020.
- ^ "Reuters.com Updated BlackLine Definition". Reteurs.
- ^ Emily Chasen (May 20, 2014). "Silver Lake's BlackLine Systems Expects IPO in 18-20 Months". The Wall Street Journal. Retrieved October 25, 2016.
- ^ Heather Clancy (December 3, 2014). "Could This Cloud Financial Software Reduce Dependence on Spreadsheets". Fortune Magazine. Retrieved October 25, 2016.
- ^ "Blackline".
- ^ Hilary Burns (August 28, 2014). "How Hiring Impatient-Even Crazy-Employees Helped This Business Gain 900 Clients". BizJournals.com. Biz Women. Retrieved November 17, 2016.
- ^ Benjamin Kuo (July 23, 2009). "Interview Therese Tucker, BlackLine Systems". Socal Tech. Retrieved November 17, 2016.
- ^ a b c I-Chun Chen (October 3, 2016). "BlackLine Files for An IPO to Raise Up to $100 Million". L.A. Biz. Retrieved November 17, 2016.
- ^ a b William Alden (August 15, 2013). "Silver Lake Unit Invests in Maker of Accounting Software". The New York Times.
BlackLine makes a suite of accounting software that ...
- ^ Maxwell Murphey (August 15, 2016). "Silver Lake Cash to Help BlackLine Hire, Grow: CFO". The Wall Street Journal. The Wall Street Journal. Retrieved November 17, 2016.
- ^ Danielle Lee (September 3, 2015). "McGladrey, BlackLine Form Strategic Alliance". Accounting Today. Retrieved November 17, 2016.
- ^ Filed September 30, 2016"Accounting Software Maker BlackLine Files For IPO". Fortune. September 30, 2016. Retrieved November 17, 2016.
- ^ Brian Deagon (October 25, 2016). "ZTO Express, BlackLine Headline Busy Week In IPOs". Investor's Business Daily. Retrieved November 17, 2016.
- ^ Mark Madler (September 2, 2016). "Acquisition Expands BlackLine's Offerings". San Fernando Valley Business Journal. Retrieved November 17, 2016.
- ^ Steve Brooks (September 2, 2016). "Has BlackLine run closer to SAP?". Enterprise Times.
- ^ "Runbook Company International". Informationweek.
- ^ "Blackline Announces Reseller Agreement with SAP". Computerworld. November 2, 2018.
- ^ "BlackLine Acquires Rimilia to Add AI-Powered Accounts Receivable Automation To Modern Accounting Platform". www.prnewswire.com (Press release). Retrieved 2020-10-02.
- ^ "Rimilia | Rimilia Achieves Certification with S/4HANA® combined with SAP PI". RealWire. 2020-08-17. Retrieved 2020-10-02.
- ^ Brian Sommer (February 20, 2015). "BlackLine:The Big, Understated Force in Cloud Financial Software". ZD Net. Retrieved November 17, 2016.