Los Angeles-based BlackLine Systems, the developer of financial close software-as-a-service, has scored an investment from private equity firm Silver Lake Sumeru. Financial terms of the investment were not announced. According to BlackLine, its management, Silver Lake Sumeru, and ICONIQ Capital are partnering in the deal to make Silver Lake Sumerua majority shareholder in the company. Therese Tucker, the founder and CEO of BlackLine, will continue to run the company.
BlackLine Systems develops software used to handle the tasks required for a financial close, and has grown significantly in the past few years; the company said it revenues grew by more than 50 percent for each of the last six years, with revenues growing more than 55 percent year-over-year for the first half of 2013. As part of the investment, Silver Lake Sumeru has added Hollie Moore Haynes, John Brennan and Jason Babcoke to BlackLine's board of directors.More information »