The middle-market arm of private equity firm Silver Lake said on Thursday it will purchase a majority stake in BlackLine Systems, a fast-growing Los Angeles-based financial software provider that boasts Boeing Co and AT&T Inc as clients. The companies did not disclose the terms of the deal, but a person familiar with the matter said Silver Lake would pay more than $200 million for the stake, without debt financing.BlackLine's founder and chief executive, Therese Tucker, will remain at the helm and retain a "significant" equity interest in the company, Silver Lake and BlackLine said in a joint statement. The deal is expected to close this month."We see an enormous opportunity to bring world-class transaction analytics and workflow technology to financial process management," Hollie Moore Haynes, a managing director with Silver Lake Sumeru, the middle-market investment group of Silver Lake, said in the statement.A former SunGard Treasury Systems technology chief, Tucker in 2001 founded BlackLine, which has a customer base of more than 75,000 users in over 100 countries. BlackLine's revenue increased more than 55 percent year-over-year in the first half of 2013, according to the statement.
The Boeing Company (Boeing) is an aerospace company. Shares of BA fell by 1.27% or $-1.32/share to $102.84. In the past year, the shares have traded as low as $69.03 and as high as $109.49. On average, 5657210 shares of BA exchange hands on a given day and today's volume is recorded at 1764392.
AT&T Inc. (AT&T) is a holding company. AT&T is a provider of telecommunications services in the United States and worldwide. Shares of T fell by 0.86% or $-0.3/share to $34.47. In the past year, the shares have traded as low as $32.71 and as high as $39.00. On average, 23454700 shares of T exchange hands on a given day and today's volume is recorded at 6919836.
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