Monday 5th October, 2020
BlackLine has announced that it has completed the acquisition of Rimilia an AI-powered cloud-based platform for $150 million in cash.
The acquisition expands BlackLine's capabilities into an adjacent area, adding AR automation to financial close automation and accelerating BlackLine's larger, long-term plan for transforming and modernising Finance & Accounting, the company said.
Rimilia is a leading provider of accounts receivable automation solutions that enable organisations to control cash flow and cash collection in real time. Using artificial intelligence (AI) and machine learning, the SaaS (Software-as-a-Service) platform simplifies the order-to-cash process by automating both the collection and allocation of customer cash.
"With most companies using legacy, repetitive and manual processes to manage their order-to-cash, our customers and partners have long been asking for a solution that will enable better cash and liquidity management. This is especially critical now in these difficult economic times," said Marc Huffman, president & COO of BlackLine. "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."
"Rimilia and BlackLine share a vision to drive digital transformation for Finance & Accounting with intelligent automation. BlackLine will provide the scale to further drive adoption of Rimilia's platform and deliver additional value to our customers," said Kevin Kimber, CEO of Rimilia. "At the same time, Rimilia meets a need in the Office of the Controller that is highly complementary to BlackLine. 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."
In addition, BlackLine will introduce Rimilia to the broader BlackLine community at the company's annual user conference BeyondTheBlack™ 2020: The Modern Accounting Virtual Experience which will take place from 17th to 19th November.