BlackLine Revenues up Over 50% as Leading Brands Continue to Embrace Company’s Cloud Platform
Blue Nile, Four Seasons, Leidos sign on in Q1; Enterprise financial software provider also moves several deals forward with leading BPO partners Genpact, Cognizant and EXL
LOS ANGELES, LONDON and SYDNEY – May 4, 2015 – BlackLine, the leading provider of finance controls and automation software, has reported its revenues are up more than 50 percent in the first quarter of 2015 compared to the same quarter a year ago as mid-size companies and large enterprises around the world continue to embrace the company’s cloud-based platform to improve efficiencies and reduce risk in Finance and Accounting.
Blue Nile, Four Seasons – Lanai and Leidos are just a few of the new BlackLine clients that have recently signed on in North America, with Four Seasons adding its Lanai property to a list of 15 others around the world that were already using BlackLine to automate key financial processes and improve internal controls. BlackLine is also experiencing strong uptake in the EMEA (Europe, Middle East and Africa) and APAC (Asia-Pacific) regions, recently adding Aker Solutions, Amesto Group, Doosan and DTZ in Europe and Charter Hall, Hills Limited and Murray Goulburn in Australia. The new customers join an already impressive list of BlackLine client companies that are using the leading cloud platform to transform their existing finance and accounting departments into leading-edge ‘Modern Finance’ organizations.
The company also recapped key highlights of its recent quarter including surpassing the 1,000-client mark; continued investment in new executive talent with the hiring of Mark Partin as CFO; implementing joint solutions with leading Business Process Outsourcing (BPO) partners such as Genpact, Cognizant and EXL; and the opening of offices in Paris to expand its overall European footprint.
BlackLine provides a host of tightly integrated applications and packaged solutions that automate and accelerate the financial close and other key accounting and finance processes – from within a single, unified cloud-based platform. Leading companies of all sizes are now integrating finance controls and automation solutions as part of their efforts to transform legacy, back-office operations into world-class, Modern Finance organizations with greater efficiencies and reduced compliance risk.
BlackLine was created to automate highly repetitive, manual accounting and finance tasks—tying up all the loose ends to liberate accountants to apply their talents to more strategic pursuits. The company’s introduction of its pioneering account reconciliation software in 2005 signified the development of an entirely new category of business technology, one virtually eliminating the inefficiency and risk inherent in the previously manual, spreadsheet-based process, while offering unparalleled visibility into the underlying financial data.
Since then, BlackLine has added many new automated functions to its cloud-based technology platform, many created in tandem with the company’s enterprise-level and mid-market customers. Today, this robust platform comprises a variety of packaged solutions and key enabling technologies efficiently addressing multiple Finance & Accounting needs. The enormous amount of time accountants previously invested in manual exercises can now be reinvested in value-added activities, ensuring data transparency, enhanced controls and the integrity of data for reporting and compliance purposes.
BlackLine’s revenues have been up more than 50 percent annually for the past eight years. BlackLine has made the Software 500 list of the world’s “largest and best-performing” software companies for the past four years, the Deloitte Technology Fast 500™ for the past five years and the prestigious Inc. 500/5000 for the past seven 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, the United Kingdom, France, Malaysia and Australia and is on track to open additional European and Asian offices in the next year.