Accounting automation software provider BlackLine has acquired AI-powered accounts receivable outfit Rimilia for $150 million in cash.
UK-based Rimilia provides accounts receivable automation technology that helps firms control cash flow and cash collection in real time. Using AI and machine learning, the SaaS platform simplifies the order-to-cash process by automating both the collection and allocation of customer cash.
American outfit BlackLine says Rimilia strengthens its position with the Office of the Controller by driving end-to-end automation of the cash lifecycle and ensuring greater data integrity.
Marc Huffman, president and COO, BlackLine, says: "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.
"This acquisition addresses that need and further expands BlackLine’s position as an indispensable platform for the Office of the Controller."