Corporate finance specialist Shaw & Co has advised Wiltshire-based accounting software business Data Interconnect on its sale to global digital finance transformation leader BlackLine.
Founded in 1996, Shrivenham’s Data Interconnect provides innovative invoice-to-cash software solutions that help credit management teams consolidate their financial management processes – such as billing, collection, dispute and allocation – for efficient cash flow, real-time budget control, early-payment discount management and the acceleration of financial closing.
BlackLine, meanwhile, offers a cloud-based accounting automation software platform that helps companies move to modern accounting by unifying their data and processes, automating repetitive work, and driving accountability through visibility. The company provides solutions to manage and automate financial close and consolidation, accounts receivable, and intercompany accounting processes, helping large enterprises and mid-sized companies across all industries do accounting work better, faster, and with more control.
With offices in global business centres including Los Angeles, New York, the San Francisco Bay area, London, Paris, Frankfurt, Tokyo, Singapore and Sydney, BlackLine provides software for more than 4,200 companies.
Bristol-based Shaw & Co conducted a full marketing process that garnered interest from a number of major businesses. Following a focused sales process, BlackLine was identified as the ideal buyer thanks to the synergies between Data Interconnect’s products and its own offering. The final deal was concluded in less than one month.
BPE Solicitors provided legal advice to Data Interconnect on the deal.
Tom Dodd-Noble, Data Interconnect, said, “BlackLine is a good home for Data Interconnect, which has been at the leading edge of invoice-to-cash solutions for 20 years. This deal will enhance both businesses and their customers.”
Jim Shaw, Chief Executive Officer & Founder, Shaw & Co, said, “Data Interconnect provides world-class eInvoicing software that we expect will complement BlackLine’s existing offering perfectly.”
Adam Kean, Head of Corporate, BPE Solicitors, added, “This deal required a very tight turnaround, but the team at BPE were delighted to play our part in securing a successful outcome for Data Interconnect. Congratulations to all involved.”
Pictured above: Jim Shaw, Founder of Shaw & Co (Photo by Tim Gander©)