Financial close software developer BlackLine Systems has received a round of investment led by Silver Lake Sumeru to help support the company's global growth strategy.
Since 2006, BlackLine's customer base has grown on average by 50 percent annually, according to the company, with more than 75,000 users in 100 countries across 700 customers of all sizes.
BlackLine management, Silver Lake Sumeru and ICONIQ Capital, a global multi-family office and merchant bank for a group of influential families, are partnering in the transaction. As part of the deal, Silver Lake Sumeru, as the majority shareholder, will add Hollie Moore Haynes, John Brennan and Jason Babcoke to BlackLine’s board of directors. ICONIQ’s Will Griffith will also join the board. The transaction is expected to be completed this month, subject to customary regulatory and other approvals.
BlackLine founder Therese Tucker will remain chief executive of the company, while Tucker and BlackLine executive vice president Mario Spanicciati will retain significant equity interests and board representation in the company.
“Because of BlackLine's strong leadership position in the market and impressive year-over-year growth, we had a choice of investment partners from a number of reputable firms,” said Tucker. “We selected Silver Lake Sumeru because we felt that their culture and values closely aligned with BlackLine's. They understand how important our clients and employees are to our long-term goals. We are genuinely excited to leverage their expertise to help us grow.”
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