We advised leading accounting automation software company BlackLine on its $150 million acquisition of UK-based AI-powered cloud platform Rimilia.
In accordance with the terms and conditions of the transaction, BlackLine acquired Rimilia for $150 million in cash, of which $120 million was payable at close, with additional cash payments of up to $30 million upon certain earnout conditions being met.
BlackLine provides solutions for financial close management, accounting automation, and intercompany governance, helping large enterprises and midsize companies across all industries do accounting work better, faster, and with more control.
With Rimilia, BlackLine strengthens its position with the Office of the Controller by driving end-to-end automation of the cash lifecycle and ensuring greater data integrity. The acquisition expands BlackLine’s capabilities into an adjacent area, adding accounts receivable (AR) automation to financial close automation and accelerating BlackLine’s larger, long-term plan for transforming and modernising finance and accounting.
Our team was led by Mark Barron and Siobhán Langwade (senior associate) with support from: Paul Callaghan (partner) and James Watkins (senior associate) from our employment team; Katie Lewis (senior associate) from our tax team; Alex Walton (associate), Rebecca Le Flufy (associate) and Nell Cooper (associate) from our corporate tech team; Rachael Potts (trainee solicitor).
Taylor Wessing advised BlackLine in collaboration with Wilson Sonsini.
We're one of the UK's leading advisors to domestic and international fintech and SaaS companies of all scale. Read our lawyers' thoughts on the key fintech trends for 2020, or the future of digital identity verification in the financial services sector.