Rimilia is a software firm that provides intelligent, finance automation solutions that enable organizations to control cash flow and cash collection in real-time. The software solutions use advanced analytics and artificial intelligence (AI) to predict customer payment behavior and easily match and reconcile payments, removing the uncertainty of cash collection.
According to the press release, “Account automation software has acquired AI-Based cloud platform Rimilia in order to expand Blackline capabilities into AR automation, a new era for the company”.
Blackline, an American enterprise software company, has reportedly acquired a software company named Rimilia with an aim to expand it’s AR automation capabilities. The takeover deal will further aid the company’s target to modernize accounting.
Based out of the United Kingdom, the press release says, Rimilia works to provide accounts receivable automation, helping companies control cash flow & collection in real-time. It simplifies the order-to-cash process via machine learning and artificial intelligence“.
As due to cash available on the same day, Several companies will be able to reduce the number of DSO (Days sale outstanding), boosts cash flow, and helps to drive saving.
According to the press release, The AR market is a close cousin to the financial close, sharing a buyer and similar pain points and cash flow optimization has new importance because of the pandemic, which has thrown the old systems into disarray as people transitioned to working from home more often.
According to Blackline’s COO & president, MARC HUFFMAN, who will also assume the CEO role of the company in 2021, said the acquisition of Ramilia would provide value for costumers.
According to a press release, “With most companies using legacy, repetitive, and manual processes to manage their order to cash, our customers and partners have long been asking for a solution that will enable better cash and liquidity management”.
Mr. Huffman added that the accounts receivable is “the single largest assets for most businesses and also said Rimilia’s ability to unlock working capital and risk to be reduced of mind solution that various controllers and CFOs trying to achieve “.
Additionally, Blackline also previously partnered with Capgemini to streamline the financial and accounting capabilities, which will reportedly help centralized key info in blackline’s cloud platform. These two companies have been chosen to work on methods and transition the customers from manual processes.
