We are delighted to announce that Results International was the exclusive financial advisor to Rimilia, an AI-powered SaaS platform backed by Eight Roads and Kennet, on its acquisition by BlackLine (Nasdaq: BL), a leader in accounting automation software.
BlackLine will acquire 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.
This deal reinforces our strong track record advising some of Europe’s most exciting SaaS businesses on highly strategic transactions with US counterparties, and we were delighted to work with the teams at Rimilia, Eight Roads and Kennet.
Headquartered in the United Kingdom, Rimilia is a leading provider of accounts receivable automation solutions that enable organisations to 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. Same-day cash allocation results in an unrivaled reduction in the number of days of sales outstanding, improves working capital and drives significant cost savings. Built for large and medium-sized enterprises and capable of integrating with nearly all ERP, bank and currency platforms, Rimilia is used by leading companies in major verticals.
The acquisition expands BlackLine’s capabilities into an adjacent area, adding accounts receivable (AR) automation to financial close automation and accelerating BlackLine’s larger, long-term plan for transforming and modernising Finance & Accounting.
Kevin Kimber, CEO, Rimilia
The team delivered a great outcome for all parties and managed the process from start to finish with expert advice, excellent stakeholder management and hands on support. Results International were a pleasure to work with.