We are pleased to announce the initial public offering (IPO) of BlackLine, Inc. (NASDAQ: BL), a portfolio company of SEP’s predecessor fund, Silver Lake Sumeru (SLS). This is the second SLS portfolio company to go public in 2016 following Talend’s (NASDAQ: TLND) IPO in July.
BlackLine is a leading provider of financial controls and automation solutions that enable Continuous Accounting. SLS acquired a controlling stake in the company in September of 2013 and partnered with the founders and management to grow the business through expansion of sales, marketing, and product. For the first half of 2016, BlackLine generated $56M of revenue, up 48% versus the same period in 2015.
On September 30th, 2016, BlackLine filed a public prospectus with a price range of $13 – $15 per share. Due to strong investor demand, BlackLine increased the range to $16 – $17 and ultimately priced its offering at $17 per share. On October 28th, 2016, BlackLine closed its first day of trading at $23.70 per share, a 39% increase over the IPO price.
About Sumeru Equity Partners
Sumeru Equity Partners (SEP) is a technology-focused private equity firm that invests $25-$150 million in leading middle market companies across software, technology-enabled services and hardware. The firm was founded in 2014 by an experienced team from Silver Lake Sumeru, a private equity middle market technology fund started in 2007 within Silver Lake. SEP utilizes extensive operating and investment experience in partnership with management teams to drive company growth and build strategic value. For more information about Sumeru Equity Partners (SEP) and BlackLine, visit www.SumeruEquity.com and www.BlackLine.com.