Accounting automation software provider, BlackLine, has acquired U.K's AI-powered accounts receivable company, Rimilia, for $150 million in cash, according to a report by FinExtra.

Rimilia provides accounts receivable automation to help control cash flow and cash collection in real time. Using AI and machine learning, the SaaS platform simplifies the order-to-cash process by automating both the collection and allocation of customer cash.

BlackLine says Rimilia strengthens its position by driving end-to-end automation of the cash lifecycle and ensuring greater data integrity.

"Our customers and partners have long been asking for a solution that will enable better cash and liquidity management. This is especially critical now in these difficult economic times," Marc Huffman, president and COO of BlackLine, said in the report.