/// Silver Lake Sumeru Invests in Financial Software Firm BlackLine Systems
Silver Lake Sumeru, the middle market investment group of the private equity firm Silver Lake, said today it will lead a group in a strategic investment in BlackLine Systems, a Los Angeles based financial software firm. Terms were not disclosed, but sources familiar with the terms of the deal, peg the investment at north of $200 million. Silver Lake Sumeru will be the majority shareholder. Other investors include ICONIQ Capital a multi-family office for a group of wealthy individuals and BlackLine’s existing management. Therese Tucker, the founding CEO, will continue to run the company, and will maintain a “significant” equity stake. The investment is intended to help the company boost its international growth. The deal was led by Hollie Moore Haynes, Silver Lake Sumeru’s Managing Director. She will join BlackLine’s board of directors, as will Will Griffith of ICONIQ. BlackLine specializes in cloud-based software for managing financial close processes. Usually closing out big transactions is an old-school process that involves a lot of work in spreadsheets and a lot of paper. BlackLine Financial Close Suite automates the process, and creates a trail that’s easy to track in an audit. The companies list of 700 customers includes AT&T, Boeing, Northrop Grumman and United Airlines. Sales have grown by an average of about 50 percent a year since 2006, and are up 55 percent in the first half of this year.
See original here:
Silver Lake Sumeru Invests in Financial Software Firm BlackLine Systems