LOS ANGELES – June 30, 2017 – Financial controls and automation software company BlackLine, Inc. (Nasdaq: BL) has been named by Gartner as a Leader for Cloud Financial Corporate Performance Management (FCPM), with Gartner positioning BlackLine in the Leaders Quadrant of its recently released Magic Quadrant for Cloud FCPM solutions – a newly created Gartner category.
In the June 29, 2017 report*, the world’s leading technology research and advisory company placed BlackLine (evaluated exclusively on pure-play cloud solutions) in the highest position for “ability to execute” in the marketplace. BlackLine also was recognized for “completeness of vision,” which includes market understanding; marketing strategy, sales strategy, product strategy, geographic strategy and vertical/industry strategy; business model; and innovation.
“We are gratified that a firm of Gartner’s caliber and reputation has recognized BlackLine as a leader and innovator in this continuously developing space,” Therese Tucker, CEO, BlackLine, said. “As a pioneer in Cloud Financial Corporate Performance Management, we believe BlackLine is clearly aligned with where companies are going―best-of-breed cloud solutions designed from the ground up for Finance and Accounting that transform the financial close and other key processes.”
As defined by Gartner, “The components of an FCPM solution support financial accounting processes to help achieve a corporate financial close.” The FCPM market includes the following components: “financial consolidation; financial reporting; management reporting, costing and forecasting; reconciliation and close management; intercompany transactions; and disclosure management.” “The ‘Magic Quadrant for Financial Corporate Performance Management Solutions’, which covered both on-premises and cloud solution providers, has been discontinued. It has been replaced by this ‘Magic Quadrant for Cloud Financial Corporate Performance Management Solutions’, which is considered an entirely new Magic Quadrant.” In the report, Gartner notes that “The financial corporate performance management (FCPM) market has shifted from mature on-premises offerings to cloud solutions as finance application leaders have sought improvements in financial close capabilities, enhanced cost control and efficiencies, greater application flexibility and shorter time to value.”
“From day one, our commitment has always been to customer success. For Finance and Accounting leaders, we feel this recognition should provide the evidence they need to embrace BlackLine with confidence, knowing we’ll provide world-class solutions and service as we partner with them in their finance transformation journeys,” added Ms. Tucker.
Gartner predicts that “through 2020, 80 percent of large organizations and 25 percent of midsize organizations in North America and Europe will use cloud FCPM capabilities for financial consolidation and reporting, and enhanced financial control and automation, to replace legacy on-premises systems and manual processes.” To download a complimentary copy of the complete report, please go here.
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*Gartner “Magic Quadrant for Cloud Financial Corporate Performance Management Solutions” by John E. Van Decker, Christopher Iervolino, 29 June 2017.