BlackLine Systems Revenues up Nearly 60% as Global Brands Accelerate Adoption of Leading Financial Close Automation Platform
Boston Globe, Coats plc, Hubbell, JetBlue, Keurig Green Mountain, Peninsula Hotels, Thales Australia, WESCO sign on to use BlackLine Financial Close Suite in Q2
LOS ANGELES, LONDON and SYDNEY – July 30, 2014 – Enterprise-class financial software company BlackLine Systems has reported its revenues are up nearly 60 percent in the second quarter of 2014 compared to the same quarter a year ago as leading organizations, such as Hubbell and JetBlue, continue to adopt the company’s flagship Financial Close Suite to automate and accelerate the financial close, saving time and money and mitigating compliance risk.
Boston Globe, Keurig Green Mountain, Peninsula Hotels and WESCO Distribution are just a few other new BlackLine clients that signed on during the quarter in North America. BlackLine is also seeing solid growth in the EMEA (Europe, Middle East and Africa) and APAC (Asia-Pacific) regions, recently adding worldwide industrial thread and crafts leader Coats plc in the United Kingdom and Thales Australia, part of the global electronics and systems giant serving the aerospace, defense and security industries worldwide.
The new brand name organizations join an already impressive list of more than 880 BlackLine client companies around the world.
“Our performance this past quarter validates the continued strong global demand for BlackLine’s financial close solution in both multi-national enterprises and mid-size companies,” said Therese Tucker, CEO, BlackLine Systems. “Going forward, we see continued momentum across all key vertical markets and geographic regions as organizations embrace the benefits of streamlining and accelerating key finance and accounting processes through automation.”
BlackLine attributes its success to a constant focus on client satisfaction and increasing market demand for its enterprise-class SaaS (Software-as-a-Service) offering on a global basis from companies looking to improve, accelerate and streamline their account reconciliation and financial close processes. Large enterprises worldwide continue to implement the BlackLine Financial Close Suite in a SaaS/Cloud environment across their global organizations – many of which made the transition from older legacy systems running on-premise/in-house software once they realized the benefits a Cloud solution, such as BlackLine, could offer. BlackLine also is seeing increasing demand from the mid-market segment, as a growing number of mid-size companies pursue opportunities overseas and are required to comply with additional international regulations and standards.
BlackLine has made the Software 500 list of the world’s “largest and best performing” software companies for the past three years and the prestigious Inc. 500/5000 for the past six years in a row, joining the ranks of such companies as Jamba Juice, Microsoft and Patagonia.
In addition to strong revenue growth, BlackLine also quadrupled its headcount in the past few years, adding jobs in the United States, United Kingdom and Australia.