I am extremely pleased to announce that FourQ has joined forces with BlackLine. Today, FourQ is now part of BlackLine and all FourQ employees have joined the company.
FourQ was born out of the digital transformation experience of one of the world’s largest conglomerates. Before founding FourQ, Kivanc Pakel and I spent more than a decade helping define and implement a new and innovative approach to the company’s global intercompany processes. Like many large multinationals, our intercompany processes had become unsustainably complex and costly.
Not only were direct costs mounting due to the time and resources spent by finance and accounting processing intercompany transactions, but indirect costs from poor tax optimization, difficulties addressing new compliance requirements, and a loss of business agility were ever-growing. What would eventually become FourQ formed the basis of this transformation which married new technology, process re-engineering, and deep finance, accounting, and tax expertise. We came to call this approach Intercompany Financial Management.
Two years ago, Kivanc and I, along with many of the original team who helped define, build and implement the solution, and with Andrew Siegel, who joined us as executive chairman and lead investor, carved out FourQ to bring this new technology and approach to market. That team has since quadrupled, and together we sought to transform the way multinational corporations of all sizes manage intercompany and streamline their operations with our dynamic rules engines and zero-touch process enablement.
Today, FourQ customers process over $34 billion annually across 110 countries using our technology, increasing their operational productivity and efficiency while saving them millions of dollars annually through improved intercompany billing, payment, and tax optimization.
BlackLine shares a vision to drive digital transformation for finance and accounting. Their market-leading financial close and accounting automation solutions help finance and accounting teams work better, faster, and with more control. Sound familiar? It should since this is what FourQ helps our customers achieve for intercompany.
The rationale to join forces with BlackLine was simple. BlackLine is the leader and driving innovation in core financial processes. FourQ drives innovation and automation in the complex world of intercompany accounting. And as Andrew states, “together, BlackLine and FourQ will refine intercompany financial management by further integrating, orchestrating, and automating end-to-end accounting processes and usher in a new era for how companies transform the way they work. It is a logical and natural next step in the vision that Varun and Kivanc first laid out.”
Of course, our customers benefit too. Not only will they continue to benefit from FourQ’s expertise, but they will also now benefit from BlackLine’s modern accounting solutions trusted by nearly 4,000 customers around the world.
We’ve come a long way in the two years since we set out to revolutionize how companies manage and transform intercompany accounting. Today’s announcement means our timeline to achieve this will be shorter and the outcome even more certain. Today also marks a new beginning for FourQ. One which Kivanc and I, along with the entire FourQ – now BlackLine – employee family, cannot wait to get started.
For more information, check out the press release.