BlackLine is adding new automation capabilities to its accounting platform after the company completed its $US150 million (NZ$225 million) acquisition of Rimilia.
UK-headquartered Rimilia is a cloud platform that automates accounts receivables through artificial intelligence and machine learning, enabling organisations to control cash flow and collection in real time.
BlackLine's acquisition enables the company to improve end-to-end automation of the cash lifecycle and improve data integrity.
BlackLine president and COO Marc Huffmann says that many companies use order-to-cash processes that are legacy, repetitive, and manual. It has seen demand from its customers for something that could improve cash and liquidity management, particularly during the current economic turbulence.
The company explains that same-day cash allocation can result in a fewer number of days of sales left outstanding. It could also improve working capital and cost savings.
Rimilia is built especially for large and medium-sized enterprises and capable of integrating with nearly all ERP, bank and currency platforms.
“This acquisition addresses that need and further expands BlackLine's position as an indispensable platform for the Office of the Controller. Rimilia has created great value for its customers, and we are thrilled to build on the momentum the company has established to date while entering a new market and expanding our total addressable market opportunity,” says Huffmann.
BlackLine adds that the accounts receivable market aligns well with cashflow optimisation and the financial close.
Rimilia CEO Kevin Kimber says that both companies see the potential for intelligent automation to drive digital transformation across finance and accounting.
“Our AR automation platform enables organisations to make faster and more accurate decisions, and I look forward to helping the thousands of BlackLine customers that are already enjoying the benefits of modern accounting,” Kimber adds.
BlackLine states that the acquisition helps to accelerate its longer-term plan to modernise and transform finance and accounting.
With accounts receivables serving as the single largest asset for most businesses, Rimilia's ability to unlock working capital and reduce risk is top of mind for today's controllers and CFOs,” Huffmann concludes.
Huffmann will take over as BlackLine CEO on 1 January 2021.
Earlier this year, BlackLine was named as one of the ‘Best Products for Finance' by software peer review platform G2. BlackLine also earned several Spring 2020 Awards from G2 including Leader Enterprise, Leader Europe, Momentum Leader, and High-Performer Mid-Market.
BlackLine was also named a Gartner Peer Insights Customers' Choice for Cloud Financial Close Solutions, and it was named as a Leader in Gartner's 2019 Magic Quadrant for Cloud Financial Close Solutions.