Several major investors in the accounting software company BlackLine (BL) are urging the company to consider selling itself, especially after reports that SAP, a large software company, showed interest in buying it.
Two investment firms, Ananym Capital Management and Tensile Capital Management, have reportedly sent letters to BlackLine’s board of directors to push this idea. Another investor, Sheffield Asset Management, is also in contact with the board about the same issue.
Last week, an activist investor, Engaged Capital, also wrote to the company saying it should look into the possibility of selling.
These actions follow a report that SAP had offered to buy BlackLine earlier this year for a price in the high $60s per share, but BlackLine rejected the offer.
In response, BlackLine’s CEO, Owen Ryan, said during a conference call that the company is aware of all the recent discussions about its future and that the board and management regularly talk with shareholders and will continue to do so.
In detail:
- Main Issue:
- Investors are pressuring BlackLine to explore selling the company instead of continuing independently.
- Reason Behind Pressure:
- Reports surfaced that SAP, a major enterprise software firm, tried to buy BlackLine but the offer was rejected.
- The offer was reportedly in the high $60s per share, which suggests SAP valued the company highly.
- Key Investors Involved:
- Ananym Capital Management and Tensile Capital Management have written letters to the company’s board.
- Sheffield Asset Management has also communicated with the board.
- Engaged Capital, known as an activist investor (an investor that pushes for changes in company strategy), publicly encouraged the sale last week.
- Background:
- The news about SAP’s offer and the investors’ push was reported by Bloomberg, citing people familiar with the matter.
- This indicates growing investor dissatisfaction with how the company handled SAP’s interest.
- Company’s Response:
- CEO Owen Ryan acknowledged the reports but said that the management and board are in ongoing discussions with shareholders.
- His statement suggests that while the company is listening, it has not committed to exploring a sale yet.
Summary
Investors want BlackLine to reconsider a sale after it turned down SAP’s offer. They believe a deal could benefit shareholders. The company, however, is being cautious and says it will continue to communicate with investors before making any decisions.
About Blackline
Founded in 2001, BlackLine is a cloud-based software company that helps organizations automate and streamline accounting and finance processes. Its platform replaces manual, spreadsheet-heavy tasks with digital workflows, improving accuracy, speed, and transparency across financial operations.
Mission & Solutions
BlackLine’s mission is to modernize the “Office of the CFO” through automation, control, and visibility. Its platform covers:
- Financial Close & Consolidation
- Account Reconciliations & Journal Entries
- Intercompany Accounting
- Cash Application & Collections
The company also integrates AI (Verity AI) to detect anomalies and enhance decision-making.
Customers & Market
BlackLine serves over 4,400 customers worldwide, including two-thirds of the Fortune 50. It operates globally with offices in North America, Europe, and Asia-Pacific.
Performance & Leadership
In 2024, BlackLine reported $653 million in revenue, growing about 11% year over year. The company runs on a SaaS model, providing stable recurring revenue.
Founded by Therese Tucker, it’s now led by CEO Owen Ryan, continuing a focus on innovation and customer value.
Why It Matters
BlackLine helps finance teams work smarter and faster, reducing risk, improving compliance, and freeing teams to focus on strategic work instead of manual accounting tasks.
