LOS ANGELES, Nov. 20, 2012 /PRNewswire/ -- Financial software provider BlackLine Systems ranked No. 119 on Deloitte's 2012 Technology Fast 500™ ranking of the 500 fastest growing technology, media, telecommunications, life sciences and clean technology companies in North America. The 2012 rankings are based on percentage fiscal year revenue growth from 2007 to 2011.
BlackLine grew nearly 1,000 percent during this period under the direction of CEO and Founder Therese Tucker. The company attributes its success to a constant focus on client satisfaction and increasing market demand for its SaaS (Software-as-a-Service) offering in the APAC (Asia-Pacific) and EMEA (Europe, Middle East and Africa) regions from organizations looking to improve and streamline their account reconciliation and financial close processes.
"We are proud to honor the 2012 Technology Fast 500™ companies, and commend them for their outstanding growth," said Eric Openshaw, vice chairman, Deloitte LLP and U.S. technology, media and telecommunications (TMT) leader. "These ground-breaking companies have outpaced their competition and are reinventing the way we do business today."
BlackLine revenues were up by 50 percent year over year in both 2010 and 2011 and are on track to grow by at least that pace in 2012. BlackLine continues to add clients at an aggressive pace with a long list of household name organizations already on board including AT&T, Boeing, eBay and Northrop Grumman. The company has added a number of large internationally based organizations, as well, such as Eurostar International in the United Kingdom, Lafarge SA in France and Coles Supermarkets in Australia. Over the past several years, many large enterprises have signed on to implement the BlackLine Financial Close Software Suite in a SaaS environment across their global organizations.
"The companies on the Fast 500 list are among those that have demonstrated remarkable innovation, creativity and business savvy," said Bill Ribaudo, partner, Deloitte & Touche LLP and national TMT leader for audit and enterprise risk services (AERS). "As a result, these companies have continued to successfully forge ahead in a challenging economic environment. We applaud the leadership and employees of BlackLine for this impressive accomplishment."
Overall, 2012 Deloitte Technology Fast 500™ companies achieved revenue growth ranging from 128 percent to 279,684 percent from 2007 to 2011, with an average growth of 2,774 percent.
This is BlackLine's third year in a row on the prestigious Technology Fast 500™. BlackLine also just made the Los Angeles Business Journal annual list of the Top 100 Fastest Growing Private Companies for the fourth year in a row, ranking No. 35 in the region. In addition to strong revenue growth, the company also tripled its headcount in the past few years, adding jobs in the greater Los Angeles community.
About Deloitte's 2012 Technology Fast 500™
Technology Fast 500, conducted by Deloitte & Touche LLP, provides a ranking of the fastest growing technology, media, telecommunications, life sciences and clean technology companies – both public and private – in North America. Technology Fast 500 award winners are selected based on percentage fiscal year revenue growth from 2007 to 2011.
In order to be eligible for Technology Fast 500 recognition, companies must own proprietary intellectual property or technology that is sold to customers in products that contribute to a majority of the company's operating revenues. Companies must have base-year operating revenues of at least $50,000 USD or CD, and current-year operating revenues of at least $5 million USD or CD. Additionally, companies must be in business for a minimum of five years, and be headquartered within North America.
About BlackLine Systems
BlackLine Systems was the first to develop and offer a commercially available Balance Sheet Account Reconciliation solution. An experienced provider of software to companies from the Fortune 100 to beyond the Fortune 1,000, BlackLine provides quick-to-implement, scalable and easy-to-use applications that automate the entire financial close process to help improve financial controls for companies of all sizes. BlackLine software applications complement existing Enterprise Performance Management (EPM), Governance Risk and Compliance (GRC) and Enterprise Resource Planning (ERP) systems.
BlackLine offers clients its enterprise-class software in a simple and secure OnDemand/SaaS platform. With a proven track record and a commitment to customer success, BlackLine seeks to reduce the burden the financial close places on accounting and finance professionals.
BlackLine headquarters are in Los Angeles, with offices in Atlanta, Chicago, London, New York City and Sydney to serve the company's growing global client base. For more information, please visit www.blackline.com.
Director of Corporate Communications
SOURCE BlackLine Systems