Blackline, a Los Angeles-based accounting software company, debuted in the U.S. markets Friday. After pricing at $17 per share, the stock closed at $23.70.
In what has been a slow year for tech IPOs, Blackline decided to go public right now because it’s “part of a longer term plan to raise awareness for what we do,” said CEO Therese Tucker. She said the IPO, which raised $146 million, will also be used to pay off debts.
With clients like Coca-Cola, Under Armour and Costco, Blackline provides cloud services that automate accounting processes. Their software integrates with NetSuite, Oracle, SAP and Workday.
Founded 15 years ago, Blackline is not yet profitable, losing $16.9 million in the six months ending in June. Tucker said that while she cannot comment on plans for profitability, she expects the company to be cash flow positive sometime next year.
With over $200 million in financing, the company’s largest shareholder are Silver Lake and Iconiq, which owned 46.5% and 22.8% of the company prior to the IPO. Both are selling in the offering, but will retain significant ownership.
Venture-backed Quantenna Communications also went public Friday. The wifi company traded down 3% in its debut.
Both companies listed on the Nasdaq.