Lesser-Known Tech Stocks to Buy: BlackLine (BL)
Market Cap: ~$1.5 billion
By 2001, Therese Tucker had more than 25 years experience in the accounting/finance industry, including serving as chief technology officer of SunGard. But she no longer was interested in being an employee; instead, she wanted to build a technology company of her own — one that would help financial professionals.
Tucker started a company called Blackline Inc (NASDAQ:BL), and she went all in, funding it herself by cashing in her equity and retirement accounts, and even mortgaging her own home!
The business struggled early, but she persisted, and by 2007 she made a very saavy move — to the cloud.
Growth has exploded since then. Annual revenues have nearly quadrupled over the past three years, to $123 million as of 2016. And Blackline has continued to innovate, now offering a full suite of applications that help with functions like financial closings, account reconciliations, intercompany accounting, and controls for assurance. The automation not only lowers costs but promotes much better accuracy and visibility into a company’s operations.
Blackline also is a no-brainer when it comes to enterprise resource planning (ERP). This is why the company continues to invest heavily in partnerships with companies like SAP SE (ADR) (NYSE:SAP), Workday Inc (NYSE:WDAY) and Oracle’s NetSuite.