Reuters: Technology News: Silver Lake to buy accounting software firm BlackLine

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Silver Lake to buy accounting software firm BlackLine Aug 15th 2013, 16:29 NEW YORK | Thu Aug 15, 2013 12:29pm EDT NEW YORK (Reuters) - The middle-market arm of private equity firm Silver Lake said on Thursday it will buy a majority stake in BlackLine Systems, a fast-growing Los Angeles-based financial software provider that boasts Boeing Co and AT&T Inc as clients. The companies did not disclose the terms of the deal, but a person familiar with the matter said Silver Lake would pay more than $200 million for the stake, without debt financing. BlackLine's founder and chief executive, Therese Tucker, will remain at the helm and retain a "significant" equity interest in the company, Silver Lake and BlackLine said in a joint statement. The deal is expected to close this month. "We see an enormous opportunity to bring world-class transaction analytics and workflow technology to financial process management," Hollie Moore Haynes, a managing director with Silver Lake Sumeru, the middle-market investment group of Silver Lake, said in the statement. A former SunGard Treasury Systems technology chief, Tucker in 2001 founded BlackLine, which has a customer base of more than 75,000 users in over 100 countries. BlackLine's revenue increased more than 55 percent year-over-year in the first half of 2013, according to the statement. Everecore Partners Inc and Munger, Tolles & Olson LLP advised BlackLine, while Kirkland & Ellis LLP advised Silver Lake Sumeru. (Reporting by Greg Roumeliotis in New York; Editing by Steve Orlofsky) Link this Share this Digg this Email Reprints

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