Tuesday, March 13, 2018

BlackLine Investors Look For More Liquidity In New Offering

Los Angeles-based accounting softare developer BlackLine announced late Monday that it will be launching an underwritten public offering of 8,000,000 shares of its stock, in what appears to be a move to provide some liquidity to its early investors. According to BlackLine, the shares in the offering are being sold by Silver Lake Sumeru, investment funds affiliated with ICONIQ, Therese Tucker, the company's CEO and founder; and Mario Spanicciati, the company's Chief Marketing Officer. BlackLine said it will not receive any proceeds from the public offering. The new offering comes only a few months after an earlier, public offering by those same investors, which was made in November of last year. BlackLine had its IPO in October of 2016. Silver Lake Sumeru is looking to sell around 6.1M shares in the offering; ICONIQ is selling 2M shares; Tucker is selling 340,000 shares; and Spanicciati is selling 700,000 shares.

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