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BlackLine Systems
American software company From Wikipedia, the free encyclopedia
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BlackLine Systems, Inc., is an American enterprise software company that develops cloud-based services designed to automate and manage the entire financial close process as well as consolidation, invoice-to-cash, and intercompany accounting.[3][4][5] The Los Angeles–based company has 17 offices worldwide.[6]
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History
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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
In 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
In 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
In 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]
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Operations
BlackLine provides software for more than 4,400 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]
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References
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