BlackLine, an account automation software firm has acquired AI-based cloud platform Rimilia to expand BlackLine’s capabilities into AR automation, a new area for the company. The acquisition will move BlackLine closer to its goal of modernising accounting.
Rimilia, a client of 360Leaders, provides accounts receivable automation, to help companies control cash flow and collection in real-time. Rimilia simplifies the order-to-cash process using machine learning and artificial intelligence. Same-day cash can reduce the number of days sales are outstanding, boost cash flow and drive savings.
The president & COO of BlackLine, Marc Huffman, will assume the CEO role of the company in 2021. Commenting on the acquisition, he said:
“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.”
Marc added that accounts receivable is “the single largest asset for most businesses,” and that Rimilia’s ability “to unlock working capital and reduce risk is top of mind for today’s controllers and CFOs.”
360leaders supported Rimilia’s with two key hires before the acquisition
As Rimilia’s Executive Search partner, 360Leaders helped hire two key leaders in the business before the acquisition took place.
In 2019, Rimilia needed a CPO to drive growth and customer success through new product based innovative solutions. 360Leaders hired Andy Lilley from Bottomline Technologies, where he helped grow the company in EMEA from 150 to 1000 employees, and increase revenue from £25m to £100m. In less than a year, Andy built out Rimlia’s product roadmap and helped shape product across the organisation.
Andy said he was “hugely excited to be joining the Blackline family and embarking on this next step in Rimilia’s and our customer’s journey together! The shared values, passion for customer success and market-leading technology makes this a huge step forward for innovation in finance”.
After their first successful hire, Rimilia partnered again with 360Leaders when they needed a CTO to upscale and grow their technology capability. Before joining Rimilia, Steven Robertson was the CTO of HighQ before their successful exit to Thomas Reuters. Steven had previously worked with brands such as Websense ( Forcepoint exit) and Cisco Systems, demonstrating his ability to lead and build healthy, high-performing, and motivated teams. Since joining in March, Steven has been able to help steer the company through the pandemic as the Technology leader.
Read our case studies to learn how we support our client’s to scale or contact Ryan Hill, Partner at 360Leaders to learn more about the hires.
