On October 2, 2020, BlackLine, Inc., a leader in accounting automation software, announced that it has completed its acquisition of Rimilia, an AI-powered cloud-based platform that enables accounts receivable (AR) automation and digital transformation. 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. Wilson Sonsini advised BlackLine in collaboration with Taylor Wessing.

London-based Rimilia is a leading provider of accounts receivable automation solutions that enable organizations to control cash flow and cash collection in real time. Using artificial intelligence (AI) and machine learning, the SaaS (Software-as-a-Service) platform simplifies the order-to-cash process by automating both the collection and allocation of customer cash.

With its acquisition of Rimilia, Los Angeles-based 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 deal expands BlackLine’s capabilities into an adjacent area, adding AR automation to financial close automation and accelerating BlackLine’s larger, long-term plan for transforming and modernizing finance and accounting.

The Wilson Sonsini team that represented BlackLine in the transaction included the following:

Corporate/M&A
Mark Holloway, Partner
Nikkisha Smith, Associate
Rui Ke, Associate

Technology Transactions
Sean Withall, Associate

Tax and Tax Equity
Dave Strong, Partner
Derek Wallace, Of Counsel

For more information, please see BlackLine’s press release.