BlackLine Inc. has attracted takeover interest from suitors including SAP SE, according to people with knowledge of the matter.
German software giant SAP made a takeover approach to BlackLine earlier this year that valued the Woodland Hills, California-based company in the high $60s per share, the people said.
BlackLine rejected SAP’s offer and there are currently no active discussions with would-be buyers, the people said. It remains unclear whether SAP will renew its efforts.
A representative for BlackLine didn’t immediately respond to a request for comment. A spokesperson for SAP declined to comment.
A so-called office of the CFO provider, BlackLine’s software helps companies across major sectors automate their accounting processes. It has more than 4,000 customers, including eBay Inc., Hershey Co. and Zendesk Inc., and has a long-standing partnership with SAP, its
BlackLine’s stock took a hit in August after it reported sales figures that came in below estimates. Private equity firm Clearlake Capital holds roughly 9.2% of BlackLine, data compiled by Bloomberg show.
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