Gartner has picked financial automation software provider BlackLine as a Leader in its Cloud Financial Corporate Performance Management (FCPM) Magic Quadrant.
BlackLine was placed in the highest position for “ability to execute” in the marketplace, and was also recognised for “completeness of vision”.
Gartner defines this new category as including financial consolidation, financial reporting, management reporting, costing and forecasting, reconciliation and close management, intracompany transactions, and disclosure management. The category replaces the previous ‘Magic Quadrant for Financial Corporate Performance Management Solutions’.
“The financial corporate performance management (FCPM) market has shifted from mature on-premises offerings to cloud solutions as finance application leaders have sought improvements in financial close capabilities, enhanced cost control and efficiencies, greater application flexibility and shorter time to value,” Gartner noted in the report.
Gartner predicts that “through 2020, 80 per cent of large organisations and 25 per cent of midsize organisations in North America and Europe will use cloud FCPM capabilities for financial consolidation and reporting, and enhanced financial control and automation, to replace legacy on-premises systems and manual processes”.
“We are gratified that a firm of Gartner’s calibre and reputation has recognised BlackLine as a leader and innovator in this continuously developing space,” Therese Tucker, CEO, BlackLine, said. “As a pioneer in Cloud 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 and other key processes.”
“From day one, our commitment has always been to customer success. For finance and accounting leaders, we feel this recognition should provide the evidence they need to embrace BlackLine with confidence, knowing we’ll provide world-class solutions and service as we partner with them in their finance transformation journeys,” said Tucker.
Download a copy of the report here.