LOS ANGELES – Nov. 14, 2012 – BlackLine Systems’ global clients are reconciling more than $70 trillion USD in balance sheet accounts each month using the company’s flagship Financial Close Software Suite. The total value of the balances being reconciled monthly via BlackLine’s SaaS (Software-as-a-Service)/OnDemand offering exceeds the annual Gross Domestic Product (GDP) for the entire world ($69.6 trillion USD), is nearly five times that of the U.S. GDP and four times that of the Eurozone, as compared to2011 data from the International Monetary Fund (IMF). With more than 500 clients, many of the world’s largest organizations are using BlackLine to automate traditionally manual accounting processes.
“The sheer scope of the total dollar amount our clients are reconciling using BlackLine each month is staggering and shows they are confident that their corporate financial data is safe and secure with us,” Mario Spanicciati, executive vice president of operations, BlackLine Systems, said.
In 2011, BlackLine became the first provider of account reconciliation and financial close software to complete the Statement on Standards for Attestation Engagements No. 16 (SSAE 16) report – an internationally recognized auditing standard developed by theAmerican Institute of Certified Public Accountants (AICPA) which sets guidelines for auditors to use in order to objectively assess the internal controls of service organizations. While undergoing the SSAE 16 audit, BlackLine also successfully completed anInternational Standard on Assurance Engagements No. 3402 (ISAE 3402) evaluation, showing that the company has the proper controls and processes in place to meet the stringent international audit and accounting reporting standards for service organizations, as set forth by the International Auditing and Assurance Standards Board (IAASB).
Taking security a step further, both the BlackLine application and the data center where all the information is housed have gone through successful SSAE 16/ISAE 3402 audits, giving clients even greater peace of mind that their data is safe and secure. The data center also has adopted a number of information security controls in accordance with ISO/IEC 27001, part of a family of standards published in 2005 by the International Organization for Standardization (ISO) and the International Electrotechnical Commission (IEC).
BlackLine continues to add clients at an aggressive pace with a long list of global companies already on board including AT&T, Boeing, Costco, eBay and Northrop Grumman. The company has added a number of large internationally based organizations, as well, such as Eurostar International in the United Kingdom, Lafarge SA in France and Coles Supermarkets in Australia, supporting the growing demand in the EMEA (Europe, Middle East and Africa) and APAC (Asia-Pacific) regions.
BlackLine revenues were up by 50 percent in 2010 and 2011 and are on track to grow by at least that pace in 2012. The company has seen substantial revenue increases since moving to a Software-as-a-Service (SaaS) business model in 2008.
BlackLine has made Inc. Magazine’s prestigious annual list of the 500/5,000 fastest-growing private companies in North America for the past five years and also has been named to Software Magazine’s annual list of the 500 largest software and service providers in the world the past two years.
BlackLine is a provider of cloud-based solutions that transform Finance and Accounting (F&A) by automating, centralising and streamlining financial close operations, intercompany accounting processes and other key F&A processes for large and midsize enterprises. Designed to complement ERP and other financial systems, BlackLine’s cloud platform increases operational efficiency, real-time visibility, control and compliance to ensure end-to-end financial close management and accounting automation.
BlackLine’s mission is to continuously improve the quality, accuracy and efficiency of Finance and Accounting by centralising key functions within a single, unified cloud platform. Enabling customers to move beyond outdated processes and point solutions to a Continuous Accounting model, in which real-time automation, controls and period-end tasks are embedded within day-to-day activities. BlackLine helps companies modernise accounting operations with intelligent automation, ensuring more accurate and insightful financial statements and a more efficient financial close. To date more than 2,800 companies with users in over 130 countries around the world trust BlackLine to help ensure balance sheet integrity and confidence in their financial statements.
BlackLine is recognized by Gartner as a Leader in its 2019 Magic Quadrant for Cloud Financial Close Solutions.
Based in Los Angeles, BlackLine also has regional headquarters in London, Singapore and Sydney servicing its 14 global locations.For more information, please visit https://www.blackline.com/.