Bristol-based corporate finance specialist Shaw & Co has advised a Wiltshire accounting software business on its sale to a global digital finance transformation leader.
Data Interconnect, which was founded in 1996 and went on to develop world-class eInvoicing software, was acquired by BlackLine for an undisclosed amount.
Data Interconnect, based near Swindon, provides innovative invoice-to-cash software systems that help credit management teams consolidate their financial management processes – such as billing, collection, dispute and allocation – for efficient cashflow, real-time budget control, early-payment discount management and the acceleration of financial closing.
Los Angeles-headquartered BlackLine 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.
It provides solutions to manage and automate financial close and consolidation, accounts receivable, and intercompany accounting processes, helping large enterprises and mid-size companies across all industries do accounting work better, faster, and with more control.
With offices in global business centres including New York, London, Paris, Frankfurt, Tokyo, Singapore and Sydney, BlackLine provides software for more than 4,200 companies.
Shaw & Co conducted a full marketing process for Data Interconnect 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 acclaimed offering. The final deal was concluded in less than one month.
BPE Solicitors provided legal advice to Data Interconnect on the deal.
Data Interconnect managing director Tom Dodd-Noble 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.”
Shaw & Co founder and CEO Jim Shaw, pictured, added: “Data Interconnect provides world-class eInvoicing software that we expect will complement BlackLine’s existing offering perfectly.”
Shaw & Co, which was founded in 2011, also has bases in Birmingham, London, Manchester and Glasgow, has a clear objective of delivering a ‘smarter’ means of financing, buying and selling businesses to a growing community of ambitious business owners.
It has led on a number of notable deals in the Bristol area, including the sale of Bristol-based ethical tea firm Pukka Herbs to Unilever, the purchase of VoucherCloud from Vodafone and its subsequent sale to Groupon, and the sale of GoProposal to Sage.
