BlackLine, an American enterprise software company, has reportedly acquired a software company, Rimilia, with an aim to expand its AR automation capabilities. The takeover deal will further aid the company’s target to modernize accounting.
Based out of the United Kingdom, Rimilia focuses on providing accounts receivable automation to help companies efficiently maintain cash flow & collection in real-time. Reliable sources have stated that this automation simplifies the order-to-cash process through artificial intelligence and machine learning.
Due to the availability of same-day cash, several companies can considerably reduce DSO (days sales outstanding), drive savings, and boost cash flow. Sources have further added that the AR market is closely related to financial close, sharing the similar pain points and a buyer. Amid the economic uncertainty posed by the pandemic, the needs for cash flow optimization and management are paramount, as people have transitioned to the work from home trend.
According to BlackLine’s COO & President, Marc Huffman, who is expected to assume the role of CEO in 2021, the recent acquisition deal will provide more value to customers. With the increased adoption of legacy, manual, and repetitive processes by companies to significantly manage order-to-cash, there has been a high demand for solutions that will ensure a better cash & liquidity management from the company’s customers and partners.
Mr. Huffman further added that the accounts receivable is businesses’ single largest asset. He also apparently stated that Rimilia’s ability to reduce risk and unlock working capital is considered a top of mind solution that various CFOs and controllers are trying to achieve.
Additionally, BlackLine has previously partnered with Capgemini to streamline the accounting and financing capabilities, which will reportedly help centralize key info in the cloud platform of BlackLine. These two companies have been chosen to develop key methods and transition the customers from the manual processes to more updated, modern methods.
Source credit:
https://www.pymnts.com/news/b2b-payments/2020/blackline-acquires-rimilia-to-boost-ai-powered-ar/