Los Angeles-based financial controls and automation software company, BlackLine, has been named a Leader in Gartner’s newly-created Magic Quadrant for Financial Corporate Performance Management (FCPM) Solutions, released at the end of May.
The report states that the new Gartner Magic Quadrant for FCPM Solutions “is the result of the evolution of the Corporate Performance Management (CPM) market, which has produced two segments: Financial CPM (FCPM) and Strategic CPM (SCPM).”
Gartner’s previous Magic Quadrant for Corporate Performance Management Suites has been discontinued; replaced by this new Magic Quadrant as well as a Magic Quadrant for Strategic Corporate Performance Management Solutions.
The report provides an analysis of 10 vendors, recognising BlackLine as a leader for both “ability to execute” and “completeness of vision” along with three other vendors. Ability to execute criteria include product, overall viability, sales execution/pricing, market responsiveness and track record, marketing execution, customer experience and operations, while completeness of vision criteria cover market understanding, marketing strategy, sales strategy, offering (product) strategy, business model, vertical/industry strategy, innovation and geographic strategy.
“We are gratified that a firm of Gartner’s calibre and reputation has recognised BlackLine as a leader in this rapidly developing space,” said Therese Tucker, CEO, BlackLine. “As a pioneer in Financial Corporate Performance Management, we believe BlackLine is clearly aligned with where companies are going – best-of-breed cloud solutions designed from the ground up for finance and accounting that transform the financial close with efficiency and ease.”
The BlackLine solution is sold exclusively as a cloud-based subscription, in keeping with the trend Gartner is predicting that “by 2019, more than 30 per cent of the 100 largest vendors’ new software investments will have shifted from cloud-first to cloud-only implementations”.
The report states that “FCPM offerings continue to shift toward cloud-based solutions that deliver a shorter time to value and improved ease of use while improving agility”.
The report highlights BlackLine’s high scores for execution, with its highest score coming in for customer experience.
“From day one, our commitment has always been to customer success,” said Tucker. “For finance and accounting leaders, we feel it’s the evidence they need to embrace BlackLine with confidence, knowing we’ll partner with them in their FCPM journey.”