Despite being followed by nine sell-side analysts, Blackline struggled to expand its investor base. Its SaaS-driven business model was misunderstood, and existing shareholder fatigue limited momentum. The story was consistently brought to the same pool of investors, and U.S. institutional awareness was negligible.

The issue wasn't the company's materials or messaging, it was access.

Blackline turned to Bristol to unlock our proprietary network of 7,000+ small- and micro-cap-focused investors, professionals uniquely tuned to companies under $1B in market cap.

Instead of relying on inefficient one-on-one roadshows, we delivered a strategy centered around high-impact webinars and carefully filtered follow-up meetings.

Each webinar was a 60-minute virtual event (30-min management presentation + 30-min Q&A).

Webinar 1 - June 29, 2023

• Registrants: 264
• Strong U.S. institutional turnout, especially East Coast and Midwest
• Many investors were first-time listeners to the Blackline story

Webinar 2 - February 22, 2024

• Registrants: 272
• Marked improvement in domestic fund engagement and sell-side analyst interest
• Blackline's second largest current shareholder first learned about the Company through this webinar

Webinar 3 - February 2025

• Registrants: 354
• Widened U.S. and international reach and broader buy-side diversity
• Strongest conversion to qualified one-on-one meetings

Press Release Strategy:
Each Blackline press release was redistributed to ~4000 opt-in members of Bristol Capital's investor community, generating consistent 40%+ open rates. Multiple releases mentioned in reports had higher aggregate views, indicating reinforced visibility and recognition over time. Investor deck downloads further bolstered discovery ahead of follow-up meetings.

"I had no idea this was a SaaS play, the recurring model is attractive."
"Very strong tech foundation and credible execution history."
"This webinar was the best use of my time this month."
"Great discovery already asked to set up a follow-up."

• Two of Blackline's current largest shareholders were introduced via Bristol webinars and subsequent one on one activity
• Legacy shareholders became excited about the business again
• Valuation quadrupled, from ~$150M to over $600M CAD
• Share price rose from ~$2.00 to over $7.00 CAD
• Liquidity improved significantly, opening doors to new institutional participation
• Two successful financings completed during engagement
• Expanded U.S. investor base with high-conviction small-cap specialists
• Reinforced awareness among analysts and brokers who previously underappreciated the SaaS model