BlackLine Systems
{{Short description|American software company}}
{{For|the GPS company|Blackline Safety}}
{{Infobox company
| name = BlackLine Systems, Inc.
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| logo = BlackLine Logo.png
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| type = Public
| traded_as = {{NASDAQ|BL}}
Russell 2000 component
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| founded = {{Start date and age|2001}}
| founder = Therese Tucker
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| hq_location_city = Woodland Hills, Los Angeles, California
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| key_people = {{ubl|Therese Tucker, (co-CEO)|Owen Ryan (co-CEO)|Patrick Villanova (CFO)}}
| industry = Software
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| products = Financial software
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| revenue_year = 2022
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| num_employees = 1,055{{cite web|url=https://craft.co/blackline|title=Blackline|date=May 21, 2020|access-date=May 21, 2020}}
| num_employees_year = 2019
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| website = {{URL|https://www.blackline.com/}}
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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.{{Cite web
|url=https://www.reuters.com/finance/stocks/company-profile/BL.A
|title=Reuters.com Updated BlackLine Definition
|website=Reteurs}}{{cite web
|url=https://blogs.wsj.com/moneybeat/2014/05/20/silver-lakes-blackline-systems-expects-ipo-in-18-20-months
|title=Silver Lake's BlackLine Systems Expects IPO in 18-20 Months
|author=Emily Chasen |date=May 20, 2014 |publisher=The Wall Street Journal
|access-date=October 25, 2016}}{{cite web
|url=http://fortune.com/2014/12/03/blackline-systems-cloud
|title=Could This Cloud Financial Software Reduce Dependence on Spreadsheets
|author=Heather Clancy |date=December 3, 2014
|publisher=Fortune Magazine |access-date=October 25, 2016}} The Los Angeles–based company has 17 offices worldwide.{{Cite web |title=Blackline |url=https://www.blackline.com/contact/}}
History
BlackLine was founded in 2001 by Therese Tucker, a former CTO at SunGard Treasury Systems.{{cite news |newspaper=BizJournals.com
|url=http://www.bizjournals.com/bizwomen/news/profiles-strategies/2014/08/when-nobody-in-their-right-mind-is-just-what-you.html
|title=How Hiring Impatient-Even Crazy-Employees Helped This Business Gain 900 Clients
|author=Hilary Burns |date=August 28, 2014
|publisher=Biz Women |access-date=November 17, 2016}}{{cite web
|url=http://www.socaltech.com/interview_therese_tucker_blackline_systems/s-0023003.html
|title=Interview Therese Tucker, BlackLine Systems
|author=Benjamin Kuo |date=July 23, 2009 |publisher=Socal Tech |access-date=November 17, 2016}} The initial goal was to help customers replace their use of Excel with a suite of accounting software.
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.{{cite news |newspaper=The Wall Street Journal
|url=https://blogs.wsj.com/cfo/2013/08/15/silver-lake-cash-to-help-blackline-hire-grow-cfo/
|title=Silver Lake Cash to Help BlackLine Hire, Grow: CFO
|author=Maxwell Murphey |date=August 15, 2016 |publisher=The Wall Street Journal
|access-date=November 17, 2016}}{{cite news |newspaper=The New York Times
|url=https://dealbook.nytimes.com/2013/08/15/silver-lake-sumeru-invests-in-accounting-software-firm
|title=Silver Lake Unit Invests in Maker of Accounting Software
|quote=BlackLine makes a suite of accounting software that ...
|author=William Alden |date=August 15, 2013}}
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.{{cite web
|url=http://www.accountingtoday.com/accounting-technology/news/mcgladrey-blackline-form-strategic-alliance-75695-1.html
|title=McGladrey, BlackLine Form Strategic Alliance
|author=Danielle Lee |date=September 3, 2015 |publisher=Accounting Today
|access-date=November 17, 2016}}
The company's IPO was October 28, 2016; they're listed on the Nasdaq under the symbol BL.
Filed September 30, 2016{{cite web
|url=http://fortune.com/2016/09/30/accounting-software-maker-blackline-files-for-ipo
|title=Accounting Software Maker BlackLine Files For IPO
|date=September 30, 2016 |publisher=Fortune |access-date=November 17, 2016}}{{cite web
|url=http://www.investors.com/news/technology/zto-express-blackline-headline-busy-week-in-ipos
|title=ZTO Express, BlackLine Headline Busy Week In IPOs
|author=Brian Deagon |date=October 25, 2016 |publisher=Investor's Business Daily
|access-date=November 17, 2016}}
=Runbook acquisition=
In September 2016, the company acquired its European competitor, Runbook for $34 million.{{cite web
|url=http://www.bizjournals.com/losangeles/news/2016/10/03/blackline-files-for-an-ipo.html
|title=BlackLine Files for An IPO to Raise Up to $100 Million
|author=I-Chun Chen |date=October 3, 2016 |publisher=L.A. Biz |access-date=November 17, 2016}}{{cite web
|url=http://www.sfvbj.com/news/2016/sep/02/acquisition-expands-blacklines-offerings
|title=Acquisition Expands BlackLine's Offerings
|author=Mark Madler |date=September 2, 2016 |publisher=San Fernando Valley Business Journal
|access-date=November 17, 2016}}
Runbook marketed a dashboard software application program for SAP; before it was acquired by BlackLine.{{cite magazine
|magazine=Enterprise Times
|url=https://www.enterprisetimes.co.uk/2016/09/02/has-blackline-run-closer-to-sap
|title=Has BlackLine run closer to SAP?
|author=Steve Brooks |date=September 2, 2016}}
The software's "automation of recurring financial processes" adds "visibility and transparency" and strengthens "internal controls and compliance documentation" of data maintained by SAP.{{cite magazine |magazine=Informationweek
|url=https://www.informationweek.com/whitepaper/company/detail/20142?gset=yes&
|title=Runbook Company International}}
=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."{{cite news
|newspaper=Computerworld |date=November 2, 2018
|url=https://www.computerworld.com.au/mediareleases/33223/blackine-announces-reseller-agreement-with-sap
|title=Blackline Announces Reseller Agreement with SAP}}
= Rimilia acquisition=
In October 2020, the company acquired UK-based accounts receivable automation company Rimilia for $150 million.{{Cite press release|title=BlackLine Acquires Rimilia to Add AI-Powered Accounts Receivable Automation To Modern Accounting Platform|url=https://www.prnewswire.com/news-releases/blackline-acquires-rimilia-to-add-ai-powered-accounts-receivable-automation-to-modern-accounting-platform-301144785.html|access-date=2020-10-02|website=www.prnewswire.com|language=en}}
Rimilia's cloud-based SaaS platform "uses AI to accurately apply payments to customer's invoices with any ERP system".{{Cite web|date=2020-08-17|title=Rimilia {{!}} Rimilia Achieves Certification with S/4HANA® combined with SAP PI|url=https://www.realwire.com/releases/Rimilia-Achieves-Certification-with-S4HANA-combined-with-SAP-PI|access-date=2020-10-02|website=RealWire}}
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. 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.{{cite web
|url=https://www.zdnet.com/article/blackline-big-understated-force-in-cloud-financial-software/
|title=BlackLine:The Big, Understated Force in Cloud Financial Software
|author=Brian Sommer |date=February 20, 2015 |publisher=ZD Net |access-date=November 17, 2016}}
See also
References
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{{DEFAULTSORT:BlackLine}}
Category:Software companies established in 2001
Category:Companies based in Los Angeles
Category:Software companies based in California
Category:2001 establishments in California
Category:Companies listed on the Nasdaq
Category:2016 initial public offerings