The NASDAQ-listed BlackLine (Nasdaq: BL) completed the acquisition for US$150 million in cash, and says the acquisition the UK-headquartered Rimilia strengthens its position with the Office of the Controller by driving end-to-end automation of the cash lifecycle and ensuring greater data integrity.
“The acquisition expands BlackLine’s capabilities into an adjacent area, adding AR automation to financial close automation and accelerating BlackLine’s larger, long-term plan for transforming and modernising Finance & Accounting,” BackLine added.
“With most companies using legacy, repetitive and manual processes to manage their order-to-cash, our customers and partners have long been asking for a solution that will enable better cash and liquidity management. This is especially critical now in these difficult economic times,” said Marc Huffman, president & COO of BlackLine.
“This acquisition addresses that need and further expands BlackLine’s position as an indispensable platform for the Office of the Controller. Rimilia has created great value for its customers, and we are thrilled to build on the momentum the company has established to date while entering a new market and expanding our total addressable market opportunity.”
Huffman said the AR market is a “natural adjacency” to the financial close with a shared buyer and similar pain points and, in addition, cash flow optimisation has become increasingly relevant following the onset of the pandemic.
“With accounts receivables serving as the single largest asset for most businesses, Rimilia’s ability to unlock working capital and reduce risk is top of mind for today’s controllers and CFOs,” added Huffman, who will assume the BlackLine CEO title on 1 January 2021.
“Rimilia and BlackLine share a vision to drive digital transformation for Finance & Accounting with intelligent automation. BlackLine will provide the scale to further drive adoption of Rimilia’s platform and deliver additional value to our customers,” said Kevin Kimber, CEO of Rimilia.
“At the same time, Rimilia meets a need in the Office of the Controller that is highly complementary to BlackLine. Our AR automation platform enables organisations to make faster and more accurate decisions, and I look forward to helping the thousands of BlackLine customers that are already enjoying the benefits of modern accounting.”