The deal is only the firm’s third investment in two years, following its backing of healthcare IT business Medseek and enterprise cloud application hosting company Velocity Technology Solutions in 2012.
BlackLine’s software aims to replace manual, Excel and paper-based financial close processes with automated and auditable workflow using its software-as-a-service platform.
Its 700 customers across 100 countries include AT&T, Boeing, Eurostar and United Airlines.
Silver Lake Sumeru (SMS) managing director Hollie Moore Hayes said, “We see an enormous opportunity to bring world-class transaction analytics and workflow technology to financial process management.
“BlackLine Systems provides the core foundation for that strategy.”
SMS, Iconiq Capital and BlackLine management partnered for the deal, which will see SMS add Hollie Moore Haynes, John Brennan, and Jason Babcoke to the company’s board of directors.
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