BlackLine Systems Receives Investment
BlackLine Systems, a Los Angeles, Calif.-based provider of enterprise-class solutions to automate and control mission-critical financial close processes, received an investment of undisclosed amount.
The round was led by Silver Lake Sumeru, with participation from BlackLine management and ICONIQ Capital. In conjunction with the transaction, which is expected to be completed during August 2013, subject to customary regulatory and other approvals, Hollie Moore Haynes, John Brennan and Jason Babcoke of Silver Lake Sumeru and Will Griffith of ICONIQ joined Blackline’s board of directors.
Led by Founder Therese Tucker, who will remain CEO of the company, BlackLine Systems develops a OnDemand/SaaS platform Balance Sheet Account Reconciliation solution, whixh complements existing Enterprise Performance Management (EPM), Governance Risk and Compliance (GRC), and Enterprise Resource Planning (ERP) systems. The BlackLine Financial Close Suite replaces manual, Excel and paper-based financial close processes (including detailed account reconciliations and transaction matching) with automated and auditable workflow. It has more than 75,000 users in over 100 countries.
The company has offices in Atlanta, Chicago, London, Melbourne, New York City, and Sydney.