LOS ANGELES, Nov. 14, 2012 /PRNewswire/ -- BlackLine Systems' global clients are reconciling more than $70 trillion USD in balance sheet accounts each month using the company's flagship Financial Close Software Suite. The total value of the balances being reconciled monthly via BlackLine's SaaS (Software-as-a-Service)/OnDemand offering exceeds the annual Gross Domestic Product (GDP) for the entire world ($69.6 trillion USD), is nearly five times that of the U.S. GDP and four times that of the Eurozone, as compared to 2011 data from the International Monetary Fund (IMF). With more than 500 clients, many of the world's largest organizations are using BlackLine to automate traditionally manual accounting processes.
"The sheer scope of the total dollar amount our clients are reconciling using BlackLine each month is staggering and shows they are confident that their corporate financial data is safe and secure with us," Mario Spanicciati, executive vice president of operations, BlackLine Systems, said.
In 2011, BlackLine became the first provider of account reconciliation and financial close software to complete the Statement on Standards for Attestation Engagements No. 16 (SSAE 16) report – an internationally recognized auditing standard developed by the American Institute of Certified Public Accountants (AICPA) which sets guidelines for auditors to use in order to objectively assess the internal controls of service organizations. While undergoing the SSAE 16 audit, BlackLine also successfully completed an International Standard on Assurance Engagements No. 3402 (ISAE 3402) evaluation, showing that the company has the proper controls and processes in place to meet the stringent international audit and accounting reporting standards for service organizations, as set forth by the International Auditing and Assurance Standards Board (IAASB).
Taking security a step further, both the BlackLine application and the data center where all the information is housed have gone through successful SSAE 16/ISAE 3402 audits, giving clients even greater peace of mind that their data is safe and secure. The data center also has adopted a number of information security controls in accordance with ISO/IEC 27001, part of a family of standards published in 2005 by the International Organization for Standardization (ISO) and the International Electrotechnical Commission (IEC).
BlackLine continues to add clients at an aggressive pace with a long list of global companies already on board including AT&T, Boeing, Costco, 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, supporting the growing demand in the EMEA (Europe, Middle East and Africa) and APAC (Asia-Pacific) regions.
BlackLine revenues were up by 50 percent in 2010 and 2011 and are on track to grow by at least that pace in 2012. The company has seen substantial revenue increases since moving to a Software-as-a-Service (SaaS) business model in 2008.
BlackLine has made Inc. Magazine's prestigious annual list of the 500/5,000 fastest-growing private companies in North America for the past five years and also has been named to Software Magazine's annual list of the 500 largest software and service providers in the world the past two years.
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