Financial software firm BlackLine has headhunted Netsuite chief marketing officer David Downing in a bid to exploit the "enormous" market opportunity in Cloud.
As BlackLine's first CMO, he will be responsible for driving BlackLine's global marketing strategy as the company seeks to capitalise on the growing worldwide demand for solutions that drive greater efficiency, financial governance and risk management. Downing said BlackLine became the market leader in automating and accelerating the financial close by building trusted client relationships around innovation, ease-of-use and a maniacal commitment to customer success.
"There is an enormous market opportunity ahead to build on this foundation by delivering a wider range of cloud-based, financial operations solutions that address the core needs of efficiency and risk mitigation."
Downing spent five years at NetSuite, most recently as senior vice president and CMO where he helped the company re-brand and re-tool to drive a major, multi-year initiative to scale up market, expanding from serving the ERP needs of small and medium-sized businesses to large global enterprises.
Downing spent the previous 25 years in various senior marketing roles with other leading companies including SAP, Informatica, Oracle, Adobe, Seagate and Hill and Knowlton.
BlackLine chief executive Therese Tucker said Downing's extensive experience leading marketing programs Software-as-a-Service and ERP companies would provide value as the company entered its next phase of aggressive growth. "David has been in the trenches in many different marketing positions and has been successful in helping many companies grow and expand their brands," she said.
"We expect his leadership to help us clearly articulate to the market all the capabilities and benefits that BlackLine brings to our clients."
BlackLine Systems revenues have increased more than 50 percent annually for the past seven years, according to a company statement.
The company has seen substantial revenue increases since moving to a SaaS business model in 2008.
In 2013, BlackLine partnered with Silver Lake Sumeru, the mid-market arm of leading technology-focused global private equity firm Silver Lake, to do a recapitalisation of the company and drive its next phase of growth.