Rimilia

About Rimilia

Rimilia is a financial technology company that provides a cloud-based platform for automating accounts receivable (AR), cash allocation, and collections management. Founded in 2008 by Steve Richardson and Kevin Kimber and headquartered in Bromsgrove, UK, the company developed software to simplify the order-to-cash process for large and medium-sized enterprises. The Software-as-a-Service (SaaS) platform utilizes artificial intelligence and machine learning to automatically match payments to invoices, which helps reduce days sales outstanding and improve working capital.

The company's core product, 'Rimilia Cash', integrates with various ERP, bank, and currency platforms, making it a global solution. Key features include invoice processing, collections management, cash forecasting, and bank reconciliation. Prior to its acquisition, Rimilia raised $40 million in funding from investors including Kennet Partners, Eight Roads Ventures, and Silicon Valley Bank.

On October 2, 2020, Rimilia was acquired by BlackLine, Inc., a leader in accounting automation software, for $150 million in cash. This acquisition integrated Rimilia's AR automation capabilities into BlackLine's broader portfolio, aiming to create an end-to-end platform for the Office of the Controller that automates the entire cash lifecycle. The deal expanded BlackLine's market into accounts receivable automation, a natural adjacency to its core financial close automation business.