LOS ANGELES – July 23, 2014 – Enterprise-class financial software company BlackLine Systems continues its investment in new executive talent with the hiring of Alain Avakian as Chief Technology Officer (CTO). Mr. Avakian is a seasoned software architect and strategist with extensive experience scaling technology organizations for dynamic, fast-growing Internet and e-commerce companies as they’ve grown to the point of public offerings and/or acquisition. As CTO at BlackLine, Mr. Avakian will be responsible for the technology direction of BlackLine’s flagship Software-as-a-Service (SaaS)-based account reconciliation and financial close suite as the company seeks to capitalize on the growing worldwide demand for solutions that drive greater efficiency, financial governance and risk management across the spectrum of financial operations.
“BlackLine’s technology needs, both internal and external, have grown exponentially along with our client base. We’ve actually been searching for several years now for someone with that rare mix of exceptional interpersonal and management skills, as well as the technical knowledge and expertise to run a leading-edge technology organization – and we’ve finally found it in Alain,” Therese Tucker, CEO, BlackLine Systems, said. “Alain has terrific skills from his experience at several growing Internet companies where he was instrumental in providing the technology vision, strategy and leadership to help the organizations scale from concept through public offerings, acquisitions and beyond.”
Mr. Avakian joins BlackLine with 25 years of software engineering experience. As one of the first employees of Rent.com, he provided the technology leadership to take the company from a struggling start-up to an industry leader and innovator, finally serving as CTO from 2011 to 2014. During his 13-year tenure, he led the technology organization as the company navigated through two acquisitions (first by eBay in 2004 and later by TPG/RentPath).
Prior to Rent.com, Mr. Avakian was a Senior Architect and Senior Software Engineer at Stamps.com where he built the company’s website under a very aggressive timeline, enabling a successful initial public offering (IPO) in 1999 and a second public offering later that same year. Similarly, at CitySearch/Ticketmaster, Mr. Avakian helped to build the technology stack for the early-stage company from the ground up, resulting in a successful acquisition and IPO in 1998. Mr. Avakian also has held several other senior software engineering positions with companies such as TCI/AND Interactive and Packard Bell.
Under Ms. Tucker’s direction, BlackLine Systems revenues have increased more than 50 percent annually on a consistent basis and are on track to exceed that pace in 2014. In 2013, BlackLine partnered with Silver Lake Sumeru, the mid-market arm of leading technology-focused global private equity firm Silver Lake, to do a recapitalization of the company and drive its next phase of growth. The CTO appointment is one of several planned to round out the company’s management team in an effort to strengthen and complement existing resources as the company continues to grow globally.
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/.