Silver Lake Sumeru LP is buying BlackLine Systems for an undisclosed amount.
Woodland Hills, Calif.-based BlackLine makes a product called the BlackLine Financial Close Suite which aims to replace manual, Excel and paper-based financial transaction closing processes. The company’s clients include AT&T Inc. (NYSE: T), Boeing Co. (NYSE: BA), Eurostar, Lafarge SA, Northrop Grumman Corp. (NYSE: NOC), Aflac Inc. (NYSE: AFL), Hearst Corp. the Nasdaq OMX Group Inc. (Nasdaq: NDAQ), and Zillow Inc. (Nasdaq: Z).
The deal is expected to close during August. Silver Lake is partnering with Iconiq Capital, a multi-family office and merchant bank, for the deal.
Silver Lake, headquartered in Menlo Park, Calif., is a private equity firm that invests in middle market technology companies. The firm is invested in Mobile Messenger, Opera Solutions and Velocity Technology Solutions. Silver Lake Sumeru is a unit of private equity firm Silver Lake, which also invests in technology companies, and is currently in the midst of trying to take Dell Inc. private. The parent firm closed a $10.3 billion fund in May.
Evercore Partners provided financial advice to BlackLine, while Munger Tolles & Olson LLP provided legal advice. Kirkland & Ellis LLP acted as Silver Lake’s legal counsel for the deal