BlackLine cloud-based finance operations management software, drives accountability through visibility, unifies data and processes for businesses, automates repetitive tasks, and provides industry-leading customer support.
About the Company
Blackline is an American software company that offers cloud-based services to automate and manage the complete financial closing process. Numerous clients depend on BlackLine to deliver thorough and precise results quickly. The company established the cloud financial closing market, and customers at reputable end-user review websites like Gartner Peer Insights, TrustRadius, and G2 have named it the best. Large enterprises and small businesses across all industries benefit from BlackLine’s solutions for managing and automating financial close, accounts receivable, and inter-company accounting operations. The company is headquartered in Los Angeles, California, and has 11 offices around the globe.
History
In 2001, Therese Tucker, a former CTO at SunGard Treasury Systems, established BlackLine. The initial objective was to assist clients in switching from using Excel to a set of accounting systems. The company operated without any outside funding up until 2013, when Silver Lake Partners, a private equity group, invested over $200 million in the firm. In 2015 a strategic partnership was made between Blackline and McGladrey, a financial consultancy firm. The companies started providing a business process as a service (BPaaS) framework as a consequence of the deal. In 2016, BlackLine went public and is represented by the ticker BL on the NASDAQ. In 2016, Blackline paid over $34 million to acquire Runbook, a competitor in Europe Before being bought by Blackline, Runbook sold a dashboard application software package for SAP. The “automation of recurrent financial activities” by the software improve “internal control systems and compliance paperwork” and increases “visibility and transparency” of data kept by SAP. In 2018, BLackline and SAP entered into a contract with SAP to “resell BlackLine’s cloud-based accounting and finance solutions” as a component of “SAP Solution Extensions.” In 2020, the company acquired UK-based accounts receivable automation startup Rimilia. In 2016, Forbes’ Cloud 100 list included BlackLine at number 43. The company, which has a market worth of $3.5 billion, is the biggest tech company with a single female founder.
Operations
More than 3,100 organizations, including Netflix, Costco, Coca-Cola, JetBlue Airways, Kraft Heinz, Google, Sirius XM Holdings, and Under Armour, use Blackline’s software. In contrast to simple general ledger software, the company develops stronger financial controls. A technique referred to as continuous auditing is used by BlackLine’s software to manage financial data, reconcile balances from sub-systems, assure correct and thorough closings, and keep an eye on regulatory controls. The business uses cloud-based software that complies with ISO 27001 standards and is predominantly run on the Cloud Platform from Google.
Founder – Therese Tucker
BlackLine was founded by American entrepreneur Therese Tucker. Tucker’s first role was as an engineer at Hughes Aircraft. Earlier she was the CTO at SunGard Treasury Systems. In 2016, she made BlackLine public. Tucker held the positions of CEO and Chairman until 2020 when she resigned. Her worth was estimated to be $140 million after BlackLine’s IPO. based. In 2020, Forbes placed her net wealth at $370 million. She graduated from the University of Illinois with a bachelor’s degree in mathematics and computer science.
CEO – Marc Huffman
A veteran of the cloud accounting software sector Marc Huffman has an outstanding track at various prosperous software firms. He began working with BlackLine in 2018 as COO before being elected as the company’s President in 2020. As President, he oversaw all customer-facing sales, marketing, and technology organizations globally. Early in 2021, he was elevated to the role of CEO. Since his hiring, BlackLine has expanded its sales and client success teams strategically realigned its go-to-market strategy, finalized a global reseller deal with SAP, set up a subsidiary in Japan, and formed several collaborations with the top consulting and advising firms around the globe.
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