Company:BlackLine Systems

From HandWiki
Short description: American software company
BlackLine Systems
TypePublic
NASDAQ: BL
Russell 2000 Component
IndustrySoftware
Founded2001; 23 years ago (2001)
Headquarters
Woodland Hills, Los Angeles , California
Key people
Therese Tucker, Founder & Co-CEO
Owen Ryan, Co-CEO
Mark Partin, CFO
ProductsFinancial software
Revenue$523 million[1] (2022)
Number of employees
1,055[2] (2019)
Websitewww.blackline.com

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 11 offices worldwide.[6]

History

BlackLine IPO

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;[16] before it was acquired by Blackline.[17]

The software's "automation of recurring financial processes" adds "visibility and transparency" and strengthens "internal controls and compliance documentation" of data maintained by SAP.[18]

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."[19]

Rimilia acquisition

In October 2020, the company acquired UK-based accounts receivable automation company Rimilia for $150 million.[20]

Rimilia's cloud-based SaaS platform "uses AI to accurately apply payments to customer's invoices with any ERP system".[21]

Operations

Blackline 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.[22]

Recognition

BlackLine was ranked number 43 on Forbes Cloud 100 list in October 2016.[23] With its current market cap of $3.5 billion, the company is the largest tech company having a single female founder.

In May 2016, a Gartner Magic Quadrant report on the 10 major financial corporate performance management solutions ranked BlackLine among the top four "Leaders" with Oracle, IBM and Workiva.[24] Additionally, in 2018, Blackline was positioned as a "Leader" again in Gartner's Magic Quadrant but for "Cloud Financial Close Solutions", a new category[25] developed around cloud based financial technologies by Gartner.[26]

In March 2020, Blackline received the SAP North America Award for Partner Excellence for SAP Solution Extension Growth - Cloud.[27]

In June 2020, BlackLine, Inc. has received a 'Top Rated Award' for 2020 from TrustRadius in the category Financial Close.[28]

In 2022, BlackLine Named to First Annual TrustRadius Best Software List, BlackLine Receives Tech Cares Award from TrustRadius for Third Consecutive Year, BlackLine Named to Newsweek’s List of the Top 100 Most Loved Workplaces for 2022 and a lot more.[29]

See also

References

  1. ↑ "BlackLine Announces Fourth Quarter and Full Year Financial Results". GlobeNewswire. February 14, 2023. https://investors.blackline.com/news-releases/news-release-details/blackline-announces-fourth-quarter-and-full-year-financial-4. 
  2. ↑ "Blackline". May 21, 2020. https://craft.co/blackline. 
  3. ↑ "Reuters.com Updated BlackLine Definition". https://www.reuters.com/finance/stocks/company-profile/BL.A. 
  4. ↑ Emily Chasen (May 20, 2014). "Silver Lake's BlackLine Systems Expects IPO in 18-20 Months". The Wall Street Journal. https://blogs.wsj.com/moneybeat/2014/05/20/silver-lakes-blackline-systems-expects-ipo-in-18-20-months. 
  5. ↑ Heather Clancy (December 3, 2014). "Could This Cloud Financial Software Reduce Dependence on Spreadsheets". Fortune Magazine. http://fortune.com/2014/12/03/blackline-systems-cloud. 
  6. ↑ "BlackLine To Open Offices In The San Francisco Bay Area With Initial Focus On R&D And Innovation" (Press release). Retrieved 2019-06-26.
  7. ↑ Hilary Burns (August 28, 2014). "How Hiring Impatient-Even Crazy-Employees Helped This Business Gain 900 Clients". BizJournals.com (Biz Women). http://www.bizjournals.com/bizwomen/news/profiles-strategies/2014/08/when-nobody-in-their-right-mind-is-just-what-you.html. 
  8. ↑ Benjamin Kuo (July 23, 2009). "Interview Therese Tucker, BlackLine Systems". Socal Tech. http://www.socaltech.com/interview_therese_tucker_blackline_systems/s-0023003.html. 
  9. ↑ 9.0 9.1 9.2 I-Chun Chen (October 3, 2016). "BlackLine Files for An IPO to Raise Up to $100 Million". L.A. Biz. http://www.bizjournals.com/losangeles/news/2016/10/03/blackline-files-for-an-ipo.html. 
  10. ↑ 10.0 10.1 William Alden (August 15, 2013). "Silver Lake Unit Invests in Maker of Accounting Software". The New York Times. https://dealbook.nytimes.com/2013/08/15/silver-lake-sumeru-invests-in-accounting-software-firm. "BlackLine makes a suite of accounting software that ..." 
  11. ↑ Maxwell Murphey (August 15, 2016). "Silver Lake Cash to Help BlackLine Hire, Grow: CFO". The Wall Street Journal (The Wall Street Journal). https://blogs.wsj.com/cfo/2013/08/15/silver-lake-cash-to-help-blackline-hire-grow-cfo/. 
  12. ↑ Danielle Lee (September 3, 2015). "McGladrey, BlackLine Form Strategic Alliance". Accounting Today. http://www.accountingtoday.com/accounting-technology/news/mcgladrey-blackline-form-strategic-alliance-75695-1.html. 
  13. ↑ Filed September 30, 2016"Accounting Software Maker BlackLine Files For IPO". Fortune. September 30, 2016. http://fortune.com/2016/09/30/accounting-software-maker-blackline-files-for-ipo. 
  14. ↑ Brian Deagon (October 25, 2016). "ZTO Express, BlackLine Headline Busy Week In IPOs". Investor's Business Daily. http://www.investors.com/news/technology/zto-express-blackline-headline-busy-week-in-ipos. 
  15. ↑ Mark Madler (September 2, 2016). "Acquisition Expands BlackLine's Offerings". San Fernando Valley Business Journal. http://www.sfvbj.com/news/2016/sep/02/acquisition-expands-blacklines-offerings. 
  16. ↑ Robert Leesberg; Herman Heller, Simplifying Financial Accounting with Runbook, https://sap.cioreview.com/vendor/2015/runbook 
  17. ↑ Steve Brooks (September 2, 2016). "Has BlackLine run closer to SAP?". Enterprise Times. https://www.enterprisetimes.co.uk/2016/09/02/has-blackline-run-closer-to-sap. 
  18. ↑ "Runbook Company International". Informationweek. https://www.informationweek.com/whitepaper/company/detail/20142?gset=yes&. 
  19. ↑ "Blackline Announces Reseller Agreement with SAP". Computerworld. November 2, 2018. https://www.computerworld.com.au/mediareleases/33223/blackine-announces-reseller-agreement-with-sap. 
  20. ↑ "BlackLine Acquires Rimilia to Add AI-Powered Accounts Receivable Automation To Modern Accounting Platform". www.prnewswire.com (Press release). Retrieved 2020-10-02.
  21. ↑ "Rimilia | Rimilia Achieves Certification with S/4HANA® combined with SAP PI". 2020-08-17. https://www.realwire.com/releases/Rimilia-Achieves-Certification-with-S4HANA-combined-with-SAP-PI. 
  22. ↑ Brian Sommer (February 20, 2015). "BlackLine:The Big, Understated Force in Cloud Financial Software". ZD Net. http://www.zdnet.com/article/blackline-big-understated-force-in-cloud-financial-software. 
  23. ↑ Ranica Arrowsmith (October 4, 2016). "8 Tech Cos. From Accounting Space Named to Forbes Cloud 100". Accounting Today. http://www.accountingtoday.com/accounting-technology/news/8-tech-cos-from-accounting-space-named-to-forbes-cloud-100-79463-1.html. 
  24. ↑ "Magic Quadrant for Financial Corporate Performance Management Solutions". Gartner Group. May 2016. https://www.gartner.com/doc/reprints?id=1-38CBQOH&ct=160531&st=sb&aliId=37421204. Retrieved September 28, 2016. 
  25. ↑ "The New Gartner 2018 Magic Quadrants for Cloud Financial Planning & Analysis and Cloud Financial Close Solutions". https://kellblog.com/2018/08/06/the-new-gartner-2018-magic-quadrants-for-cloud-financial-planning-analysis-and-close-financial-close-solutions. 
  26. ↑ "BlackLine Positioned As A Leader In Gartner 2018 Magic Quadrant For Cloud Financial Close Solutions". PR News Wire. https://www.prnewswire.com/news-releases/blackline-positioned-as-a-leader-in-gartner-2018-magic-quadrant-for-cloud-financial-close-solutions-300692153.html. 
  27. ↑ "BlackLine Receives SAP® North America Partner Excellence Award 2020 for SAP Solution Extension Growth Cloud". https://finance.yahoo.com/news/blackline-receives-sap-north-america-130000083.html. 
  28. ↑ "BlackLine Wins 2020 Top Rated Award In The Financial Close Category From TrustRadius". 25 June 2020. https://finance.yahoo.com/news/blackline-wins-2020-top-rated-130000685.html. 
  29. ↑ "Awards and recognition". 6 December 2022. https://www.blackline.com/about/awards-and-recognition/. 



Retrieved from "https://handwiki.org/wiki/index.php?title=Company:BlackLine_Systems&oldid=3476275"