BlackLine getting pressure from more investors to pursue a sale - report

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* Several investors in accounting software company BlackLine (BL [https://seekingalpha.com/symbol/BL]) are pressuring the firm to explore a sale after reports of interest from SAP (SAP [https://seekingalpha.com/symbol/SAP]).
* Ananym Capital Management and Tensile Capital Management have sent letters to BlackLine’s board, according to a Bloomberg report [https://www.bloomberg.com/news/articles/2025-11-06/more-blackline-investors-push-software-company-to-explore-sale] on Thursday, which cited people familiar with the matter. Sheffield Asset Management has also been communicating with the board.
* The report comes after activist investor Engaged Capital last week said in a letter that the software company should explore a potential sale [https://seekingalpha.com/news/4511331-blackline-gains-as-activist-engaged-capital-pushes-for-sale-process]. The investor push comes after a Bloomberg report last month that SAP (SAP [https://seekingalpha.com/symbol/SAP]) made an offer for BlackLine [https://seekingalpha.com/news/4508904-blackline-gains-on-report-sap-made-takeover-approach-earlier-this-year#hasComeFromMpArticle=false#source=section%3Amain_content%7Cbutton%3Abody_link%7Cfirst_level_url%3Anews]in the high $60's/share earlier this year, a bid that was rejected by the company,
* “We are obviously aware about the recent market commentary about BlackLine,” BlackLine CEO Owen Ryan said during a conference call Thursday. “The board and management team engage with shareholders routinely and continue to do so.”
* BlackLine (BL [https://seekingalpha.com/symbol/BL]) reported Q3 results [https://seekingalpha.com/news/4517862-blackline-non-gaap-eps-of-0_51-in-line-revenue-of-178_29m-beats-by-0_18m]on Thursday.

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* BlackLine, Inc. 2025 Q3 - Results - Earnings Call Presentation [https://seekingalpha.com/article/4839724-blackline-inc-2025-q3-results-earnings-call-presentation]
* BlackLine: Visible Path To Earnings Growth Acceleration [https://seekingalpha.com/article/4828784-blackline-visible-path-to-earnings-growth-acceleration]
* BlackLine, Inc. - Special Call [https://seekingalpha.com/article/4821267-blackline-inc-special-call]
* BlackLine Non-GAAP EPS of $0.51 in-line, revenue of $178.29M beats by $0.18M [https://seekingalpha.com/news/4517862-blackline-non-gaap-eps-of-0_51-in-line-revenue-of-178_29m-beats-by-0_18m]
* BlackLine Q3 2025 Earnings Preview [https://seekingalpha.com/news/4516084-blackline-q3-2025-earnings-preview]