CALABASAS, Calif., Feb. 15, 2011 /PRNewswire/ -- In a press conference earlier today, Mayor Antonio Villaraigosa welcomed financial software provider BlackLine Systems to the City of Los Angeles. In order to handle the company's rapid growth, BlackLine will be moving in April from Calabasas, Calif. to a much bigger space in the popular Warner Center area of Woodland Hills.
As part of its relocation, BlackLine will receive the benefits of the 'State Enterprise Zone Program' and the 'Business Tax Holiday' which entitles the company to a rate discount from the Los Angeles Department of Water and Power, hiring tax credits and a 3-year exemption from the gross receipts tax, respectively.
"Blackline Systems' move to Los Angeles highlights the larger trend of businesses moving to our city to take advantage of our competitive business policies such as the State Enterprise Zone Program and the Business Tax Holiday," said Mayor Villaraigosa.
With 75 total employees, BlackLine presently has about 50 people working in the Los Angeles Area. The company expects to add at least another 40 jobs in the local community in 2011.
"We made the effort to contact them and then followed it up with our work to expand State Enterprise Zones and create a Business Tax Holiday," said First Deputy Mayor of Los Angeles Austin Beutner. "The story has a happy ending as BlackLine is bringing 50 good-paying jobs to Los Angeles and expects to add 40 more within a year."
The new economic growth policies spearheaded by First Deputy Mayor Beutner's team are part of the Mayor's Office of Economic and Business Policy's strategy to bring businesses to Los Angeles.
"The City of LA has been very helpful and knowledgeable in terms of identifying and explaining how to best leverage the economic incentives and programs the City has to offer," Mario Spanicciati, executive vice president of operations, BlackLine Systems, said.
BlackLine revenues grew by more than 50 percent in both 2009 and 2010. The 2009 growth follows three sequential years where the company doubled its revenues.
Just last week, technology industry research firm Lead411 named BlackLine to its list of the "Hottest Technology Companies in Southern California." The "Hot Company" accolade came on the heels of BlackLine's No. 126 ranking on Lead411's 2010 Technology 500 – an annual list of the fastest-growing, private technology companies in the United States.
In January, BlackLine also was named a Red Herring 100 Global Winner, being recognized as "one of the most innovative and promising technology ventures in the world." In 2010, BlackLine added a number of large companies to its client list including H.J. Heinz Co., Diamond Resorts International, StarKist and U.S. Foodservice.
Founded in 2001, 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 an easy to implement 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. For more information, please visit www.blackline.com.
SOURCE BlackLine Systems