Shareholders to Receive $9.00 Cash Per Share Plus a Contingent Value Right of up to $0.50 Per Share

$9.00 Cash Consideration per Share and up to $9.50 Total Consideration per Share represents a 28% and 35% premium to the 20-day VWAP of Blackline’s Shares on the TSX as of April 7, 2026

The cash-plus-CVR structure provides immediate value and liquidity for Shareholders while preserving the opportunity to potentially receive an additional cash payment if the Company achieves its near-term ARR target

Voting support agreements have been entered into by certain shareholders, as well as Blackline’s directors and senior officers, representing approximately 34% of the outstanding Shares, including irrevocable voting support agreements from several of the Company’s largest shareholders representing approximately 30% of the outstanding Shares

Blackline’s largest shareholder, DAK Capital Inc., owned by Daryl Katz, has agreed to exchange all of its Shares for shares of the Purchaser

Board unanimously recommends Shareholders vote in favour of the Transaction

CALGARY, Canada--(BUSINESS WIRE)--Apr. 8, 2026-- Blackline Safety Corp. ("Blackline" or the "Company") (TSX: BLN) a global leader in connected safety technology, announced today that it has entered into a definitive arrangement agreement (the “Arrangement Agreement”) with an affiliate of Francisco Partners Management, L.P. (“Francisco Partners” or the “Purchaser”), pursuant to which the Purchaser will acquire all of the issued and outstanding common shares (the "Shares") of the Company (other than as described below in respect of the Rollover Shareholders) (the “Transaction”) for up to $9.50 per Share (the “TotalConsideration”), comprised of $9.00 per Share in cash on closing (the “Cash Consideration”) plus a contingent value right of up to $0.50 per Share (the "CVR").

The Cash Consideration and Total Consideration (assuming the maximum cash payment of the CVR) represent an aggregate fully diluted equity value of approximately $804 million and $850 million, respectively, based on 100% of the Company’s Shares and excluding the impact of Rollover Shares.

The Cash Consideration and Total Consideration (assuming the maximum cash payment under the CVR) represent premiums of approximately 27% and 34%, respectively, to the closing price of the Shares on the Toronto Stock Exchange (the "TSX") on April 7, 2026, the last trading date prior to the announcement of the Transaction, and of approximately 28% and 35%, respectively, to the 20-day volume weighted average price (“VWAP”) per Share on the TSX as of the end of trading on April 7, 2026.

“As Blackline transitions to a private company, this new partnership with Francisco Partners provides the financial strength, sector expertise and shared vision to continue our growth and strengthen our technology leadership,” said Cody Slater, CEO and Chair of Blackline. “I also want to express how important it is to have Daryl Katz, through DAK Capital, continue his involvement in the company. Daryl is one of Canada’s most successful business leaders and has been a key supporter of our company’s vision throughout this journey. Together, we will advance our mission of protecting workers and saving lives at an even greater pace.”

“Blackline has built a leading platform in connected worker safety, combining hardware, software, and data to protect industrial workers in some of the most demanding environments in the world,” said Mac Fountain, Principal and Christine Wang, Partner at Francisco Partners. “We look forward to partnering with Cody and the leadership team to continue driving product innovation and expanding Blackline's reach as demand for connected worker safety technology grows across enterprises worldwide.”

In connection with the Transaction, DAK Capital Inc. ("DAK"), the Lowy Family Group, Cody Slater, the Chairman and Chief Executive Officer of the Company, and Brad Gilewich, President of DAK and a nominee director of the Company, and certain of their affiliates (collectively, the “Rollover Shareholders”) have entered into equity rollover agreements with the Purchaser pursuant to which they have agreed to exchange all or a portion of their Shares (such applicable Shares, the "Rollover Shares") for shares of the Purchaser or an affiliate thereof. The approximately 26.7 million Rollover Shares subject to the equity rollover agreements represent approximately 31% of the issued and outstanding Shares.

Blackline’s Board of Directors (the “Board”), with interested directors abstaining, has unanimously recommended that Blackline shareholders vote in favour of the Transaction. The recommendation follows the unanimous recommendation of a special committee of the Board (the “Special Committee”), comprised solely of independent directors, that was formed in connection with, among other things, the review of strategic alternatives for the Company, and after the Special Committee and the Board had each determined that the Transaction is fair to the holders of the Shares (the “Shareholders”) (other than the Rollover Shareholders in respect of their Rollover Shares) and is in the best interests of the Company.

Transaction Details

Pursuant to the Arrangement Agreement, the Purchaser will acquire all of the Shares (other than in respect of the Rollover Shares) for $9.00 per Share in cash at closing plus one CVR per Share. Each CVR will entitle the holder thereof to an additional cash payment if the Company's annualized recurring revenue ("ARR") for the month ended October 31, 2027 (the “Calculated ARR”) is equal to or greater than $145.0 million. If the Calculated ARR is equal to or greater than $148.9 million, each CVR will entitle the holder thereof to a maximum cash payment of $0.50. If the Calculated ARR is between $145.0 million and $148.9 million, each CVR will entitle the holder thereof to a cash payment between $0.375 and $0.50 based on a linear interpolation of the Calculated ARR. If the Calculated ARR is less than $145.0 million, holders of CVRs will not be entitled to any payment in respect of their CVRs. For the Company’s latest quarter ending January 31, 2026, ARR was $90.5 million¹.

Each CVR will be a direct obligation of the Purchaser. The CVRs will not be listed on any market or exchange, and may not be sold, assigned, transferred, pledged or encumbered in any manner, other than in limited circumstances. The CVRs will not represent any equity or ownership interest in the Company, Purchaser or any affiliate thereof (or any other person) and will not be represented by any certificates or other instruments. The CVRs will not have any voting or dividend rights, and no interest will accrue on any amounts payable on the CVRs to any holder thereof.

Pursuant to the Arrangement Agreement, Blackline is subject to customary non-solicitation provisions; however, the Board retains the ability to consider, respond to and, subject to specified conditions, accept an unsolicited bona fide "superior proposal" in accordance with its fiduciary duties. Any such proposal is subject to a defined notice and matching process that provides the Purchaser with a right to match within five business days. The Arrangement Agreement also includes customary deal-protection provisions, including a termination payment of $30.6 million (equal to approximately 3.8% of the Cash Consideration equity value²) payable by Blackline in certain circumstances, a reverse termination payment of $56.3 million (equal to approximately 7.0% of the Cash Consideration equity value²) payable by the Purchaser in specified circumstances, and a capped expense reimbursement of up to $4.0 million payable to the Purchaser in limited circumstances.

The Rollover Shares represent approximately 31% of the issued and outstanding Shares. All rollovers will occur at a value not to exceed the Cash Consideration per Share. The Rollover Shareholders have agreed to forego any CVR consideration for their Rollover Shares (other than Mr. Slater who shall receive one CVR per each of his respective Rollover Shares).

In connection with the Transaction, the Rollover Shareholders (other than Mr. Slater) have agreed to contribute an aggregate of approximately $45 million to an affiliate of the Purchaser to fund, in part, the Cash Consideration payable in connection with the Transaction and certain other transaction expenses.

The Transaction will be implemented by way of a plan of arrangement under the Business Corporations Act (Alberta) and will be subject to Shareholder approval at a special meeting of Shareholders to be held to consider the Transaction (the “Special Meeting”). Required Shareholder approval for the Transaction will consist of at least (i) 66⅔ per cent of the votes cast by Shareholders at the Special Meeting, and (ii) a simple majority of the votes cast by Shareholders at the Special Meeting, excluding votes from Shareholders required to be excluded under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company expects to hold the Special Meeting in June, 2026. The Transaction is also subject to court approval, regulatory approvals and other customary closing conditions. The Transaction is not subject to any financing condition and is expected to close in the second calendar quarter of 2026.

Following completion of the Transaction, it is expected that the Shares will be delisted from the TSX and that Blackline will cease to be a reporting issuer in all applicable Canadian jurisdictions.

Unanimous Approvals and Recommendations

The Arrangement Agreement was approved unanimously by the Board (with interested directors abstaining from voting) after considering, among other things, the unanimous recommendation of the Special Committee. The Special Committee and the Board (with the abstention of the interested directors) determined that the Transaction is in the best interests of the Company and the Board is recommending that Shareholders vote in favour of the Transaction.

The conclusions and recommendations of the Special Committee and the Board were based on a number of factors, including the following:

• Meaningful Premium to Market: Under the Arrangement Agreement, Shareholders (other than the Rollover Shareholders in respect of their Rollover Shares) will receive $9.00 Cash Consideration per Share (on closing) and $9.50 Total Consideration per Share (assuming the maximum cash payment of the CVR) representing a 28% and 35% premium, respectively, to the 20-day VWAP of the Shares on the TSX as of April 7, 2026.
• Certainty of Value & Immediate Liquidity: The Cash Consideration paid on close represents approximately 95% of the Total Consideration (assuming the maximum cash payment of the CVR) and provides Shareholders (other than the Rollover Shareholders in respect of their Rollover Shares) certainty of value and immediate liquidity, which enables them to realize significant value for their interest in the Company.
• Performance-Based Upside: The CVR offers Shareholders the opportunity to realize additional value through a future cash payment tied to the Company achieving its near-term ARR target.
• Support from Directors, Officers and Largest Shareholders: The Rollover Shareholders, including several of the Company’s largest Shareholders (together holding approximately 32% of the Shares), and other directors and senior officers holding approximately 2% of the Shares (collectively holding 34% of the Shares), have entered into voting support agreements in favour of the Transaction, including irrevocable voting support agreements from several of the Company’s largest shareholders, subject to certain exceptions, representing approximately 30% of the Shares.
• Sale Process: The Company, with the assistance of its financial advisor, Canaccord Genuity Corp. (“Canaccord Genuity”) and under the supervision of the Special Committee, conducted a targeted sale process as part of its strategic review, which resulted in the Transaction and did not identify any alternative proposals offering superior value, terms, or certainty of completion.
• Formal Valuation: The Special Committee received a formal valuation from the Special Committee’s independent valuator, CIBC World Markets Inc. (“CIBC Capital Markets”), which concluded that, as of April 7, 2026, and based upon and subject to the assumptions, limitations and qualifications to be set forth therein, the fair market value of the Shares was in the range of $8.15 to $11.10 per Share and the fair market value of the CVRs was in the range of $0 to $0.40 per CVR.
• Fairness Opinions: Receipt of the fairness opinions from each of Canaccord Genuity and CIBC Capital Markets, which concluded that, based upon and subject to the various assumptions, limitations, qualifications and other matters to be set forth in their respective opinions, the consideration to be received by Shareholders (other than the Rollover Shareholders in respect of their Rollover Shares) pursuant to the Transaction was fair, from a financial point of view, to such Shareholders.
• High Likelihood of Completion: Francisco Partners is a large, credible and reputable private equity sponsor, with demonstrated creditworthiness and the ability to fund and successfully complete transactions. The Transaction is subject to a limited number of customary conditions (which do not include any financing or due diligence conditions) that the Special Committee and Board believe are reasonable in the circumstances.
• Ability to Respond to Superior Proposals: The Arrangement Agreement preserves the Board’s ability to consider, respond to, and ultimately accept an unsolicited bona fide “superior proposal”, subject to certain criteria, compliance with fiduciary duties, a defined matching period in favour of the Purchaser, and customary deal-protection provisions.
• Negotiated Agreement Terms: The Arrangement Agreement is the result of a comprehensive negotiation process that was undertaken at arm’s length with the oversight and participation of the Special Committee, who was advised by independent and qualified legal and financial advisors, and resulted in terms and conditions that are reasonable in the judgment of the Special Committee and the Board in the circumstances.
• Reasonable Break Fee and Reverse Break Fee: The break fee payable by the Company of $30.6 million, being equal to approximately 3.8% of the Cash Consideration equity value³, is only payable in limited customary circumstances, such as where the Arrangement Agreement is terminated as a result of Blackline accepting a superior proposal, and the Company is entitled to a reverse break fee of $56.3 million, being equal to approximately 7.0% of the Cash Consideration equity value ³ , in certain circumstances, including if the Arrangement Agreement is terminated by the Company as a result of the Purchaser’s failure to fund, which the Special Committee and the Board have been advised, and believe, are reasonable in the circumstances.
• Minority Vote and Court Approval Required: The Transaction must be approved by not only two-thirds of the votes cast by Shareholders, but also by a majority of the votes cast by Shareholders excluding the Shares held by certain of the Rollover Shareholders and any other Shareholders required to be excluded from such vote in the context of a “business combination” pursuant to MI 61-101. The Transaction must also be approved by the Court of King's Bench of Alberta (the "Court").
• Right of Shareholders to Dissent: Shareholders will be entitled to dissent with respect to the Transaction and have the Court determine the fair value of their Shares. The Purchaser is not entitled to terminate the Transaction due to the exercise of dissent rights unless holders of more than 7.5% of the Shares validly exercise such rights.

Fairness Opinions and Formal Valuation

In connection with the Company's review of strategic alternatives and its review and consideration of the Transaction, the Special Committee engaged Canaccord Genuity as its financial advisor. Additionally, in connection with the Transaction, the Special Committee retained CIBC Capital Markets as its independent valuator. CIBC Capital Markets has delivered to the Special Committee the results of its formal valuation prepared in accordance with MI 61-101, concluding that, as of April 7, 2026 and based upon and subject to the various assumptions, limitations and qualifications to be set out in CIBC’s formal valuation letter to the Special Committee, the fair market value of the Shares ranged between $8.15 and $11.10 per Share and the fair market value of the CVRs ranged between $0 and $0.40 per CVR. In addition, both Canaccord Genuity and CIBC Capital Markets provided opinions to the Special Committee that, based upon and subject to the various assumptions, limitations and qualifications and other matters to be set forth in their respective written opinions, the consideration to be received by the Shareholders (other than the Rollover Shareholders in respect of their Rollover Shares) pursuant to the Arrangement Agreement is fair, from a financial point of view, to such Shareholders.

A copy of the written fairness opinions, the formal valuation as well as additional details regarding the terms and conditions of the Arrangement Agreement and Transaction and the rationale for the recommendations made by the Special Committee and the Board, will be included in the management information circular to be prepared by Blackline and sent to Shareholders in connection with the Transaction. The summaries of the Arrangement Agreement and voting support agreements in this press release are qualified in their entirety by the provisions of those agreements. Copies of the Arrangement Agreement and voting support agreements and, when finalized, the meeting materials will be filed under Blackline’s profile on SEDAR+ at www.sedarplus.ca.

Advisors

Canaccord Genuity Corp. is acting as exclusive financial advisor to the Special Committee. CIBC Capital Markets is acting as independent valuator to the Special Committee. Burnet, Duckworth & Palmer LLP is acting as legal advisor to the Company. Torys LLP is acting as legal advisor to the Special Committee.

BDT & MSD Partners is acting as financial advisor to DAK and the Lowy Family Group. Osler, Hoskin & Harcourt LLP is acting as legal advisor to DAK. Blake, Cassels & Graydon LLP is acting as legal advisor to the Lowy Family Group.

RBC Capital Markets is acting as financial advisor and Stikeman Elliott LLP and Kirkland & Ellis LLP are acting as legal advisors to Francisco Partners.

Early Warning Disclosure pursuant to National Instrument 62-103

Further to the requirements of National Instrument 62-104 – Take-Over Bids and Issuer Bids and National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, DAK will file an amended early warning report in connection with its participation in the Transaction, including as a Rollover Shareholder, and for which it has entered into a voting support agreement pursuant to which it has agreed to support and vote all of its Shares in favour of the Transaction. A copy of DAK's related early warning report will be filed with the applicable securities commissions and will be made available on the Company’s issuer profile on SEDAR+ at www.sedarplus.ca. Further information and a copy of the early warning report of DAK may be obtained by contacting DAK at 400 - 10214 104 Avenue NW, Edmonton, Alberta T5J 0H6 Phone: (780) 990-0505.

About Blackline Safety: Blackline Safety is a technology leader driving innovation in the industrial workforce through IoT (Internet of Things). With connected safety devices and predictive analytics, Blackline enables companies to drive towards increased safety and improved operational performance. Blackline provides wearable devices, personal and area gas monitoring, cloud-connected software and data analytics to meet demanding safety challenges and enhance overall productivity for organizations with customers in more than 75 countries. Armed with cellular and satellite connectivity, Blackline provides a lifeline to tens of thousands of people, having reported over 323 billion data-points and initiated over eight million emergency alerts. For more information, visit BlacklineSafety.com.

About Francisco Partners: Francisco Partners is a leading global investment firm that specializes in partnering with technology and technology-enabled businesses. Since its launch over 25 years ago, Francisco Partners has invested in over 500 technology companies, making it one of the most active and longstanding investors in the technology industry. With over $50 billion in capital raised to date, the firm invests in opportunities where its deep sectoral knowledge and operational expertise can help companies realize their full potential. For more information on Francisco Partners, please visit www.franciscopartners.com.

Note Regarding Forward-Looking Statements

This news release contains forward-looking statements and forward-looking information (collectively "forward-looking information") within the meaning of applicable securities laws. These statements relate to future events or the Company's future performance. All statements other than statements of historical fact may be forward-looking statements. The use of any of the words "estimate", "will", "would", "believe", "plan", "expected", "potential", and similar expressions are intended to identify forward-looking statements. In particular, and without limiting the foregoing, this news release contains forward-looking statements with respect to: the timing of closing and anticipated benefits and results of the Transaction; the benefits of the cash-plus-CVR consideration structure; the characteristics of the CVRs, including that they will not be listed on any market or exchange and will not be represented by any certificate or other instrument; that the Rollover Shareholders will exchange their applicable Shares for shares of the Purchaser or an affiliate thereof and the exchange price of such rollovers; expected timing of the Special Meeting; expected timing of closing of the Transaction; that the Shares will be delisted from the TSX and Blackline will cease to be a reporting issuer following completion of the Transaction; the potential that the CVRs will result in an additional cash payment to Shareholders; that there is a high likelihood of the Transaction being completed; that the Court will consider the fairness and reasonableness of the Transaction to Shareholders; that, among other things, the written fairness opinions and the formal valuation will be included in the management information circular prepared by Blackline and sent to Shareholders in connection with the Transaction; the anticipated filing of materials on Blackline's SEDAR+ profile; matters with respect to the details and structure of the CVRs; that DAK will file an amended early warning report in connection with its participation in the Transaction as a Rollover Shareholder; and other similar statements.

Blackline provided such forward-looking information in reliance on certain expectations and assumptions that it believes are reasonable at the time. The material assumptions on which the forward-looking information in this news release are based, and the material risks and uncertainties underlying such forward-looking information, include: the satisfaction of the conditions to the Transaction in the Arrangement Agreement and the risk that such conditions are not satisfied, or to the extent permitted, waived, including the approval of the Transaction at the Special Meeting and the approval of the Court; the risk no additional cash consideration will be payable in respect of the CVR; the Purchaser's intentions if the Transaction is approved, including the delisting of the Shares; risk that the Transaction may be varied, accelerated or terminated in certain circumstances and the consequences thereof; the accuracy of and reliance on the formal valuation; the continuation of USMCA and other applicable trade agreements; the effects of hostilities in the Middle East and elsewhere; that future business, regulatory, and industry conditions will be within the parameters expected by Blackline, including with respect to prices, margins, demand, supply, product availability, supplier agreements, availability, and cost of labour and interest, exchange, and effective tax rates; projected capital investment levels, the flexibility of capital spending plans, and associated sources of funding; cash flows, cash balances on hand, and access to the Company's credit facility being sufficient to fund capital investments; foreign exchange rates; near-term pricing and continued volatility of the market; accounting estimates and judgments; the ability to generate sufficient cash flow to meet current and future obligations; the Company's ability to obtain and retain qualified staff and equipment in a timely and cost-efficient manner; the Company's ability to carry out transactions on the desired terms and within the expected timelines; forecast inflation, including on the Company's components for its products, regulatory changes, supply chain disruptions, macroeconomic conditions, U.S.-Canada tariffs, the impacts of the military conflicts on the global economy; and other assumptions, risks, and uncertainties described from time to time in the filings made by Blackline with securities regulatory authorities.

Although Blackline believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Blackline can give no assurance that they will prove to be correct. Forward-looking information addresses future events and conditions, which by their very nature involve inherent risks and uncertainties, including the risks set forth above and as discussed in Blackline's Management's Discussion and Analysis (“MD&A”) and Annual Information Form for the year ended October 31, 2025 and available on SEDAR+ at www.sedarplus.ca. Blackline's actual results, performance or achievement could differ materially from those expressed in, or implied by, the forward-looking information and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits Blackline will derive therefrom. Management has included the above summary of assumptions and risks related to forward-looking information provided in this press release in order to provide readers with a more complete perspective on Blackline's future operations and such information may not be appropriate for other purposes. Readers are cautioned that the foregoing lists of factors are not exhaustive. These forward-looking statements are made as of the date of this press release and Blackline disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

Non-GAAP and Other Financial Measure

The Company recognizes service revenues ratably over the term of the service period under the provisions of agreements with customers. The terms of agreements, combined with high customer retention rates, provides the Company with a significant degree of visibility into near-term revenues. Management uses several metrics, including ARR, to measure the Company's performance and customer trends, which are used to prepare financial plans and shape future strategy, and in the case of the CVR, measure potential additional consideration that may be payable to Shareholders in connection with the Transaction. Key performance indicators may be calculated in a manner different than similar key performance indicators used by other companies.

“Annualized Recurring Revenue” or “ARR” is the total annualized value of recurring service amounts (ultimately recognized as software services revenue) of all service contracts at a point in time. Annualized service amounts are determined solely by reference to the underlying contracts, adjusted for the varying revenue recognition treatments under IFRS 15, Revenue from Contracts with Customers. It excludes one-time fees, such as for rentals and non-recurring professional services, and assumes that customers will renew the contractual commitments on a periodic basis as those commitments come up for renewal, unless such renewal is known to be unlikely. For clarity, the Calculated ARR will be equal to: (i) the total dollar value of the recurring service revenue (as determined on a basis consistent with past practices and in the manner by which "recurring service revenue" was historically determined for purposes of Blackline's MD&A for the fiscal quarter ended January 31, 2026) for the month ended October 31, 2027; multiplied by (ii) a factor of twelve (12). Please refer to "Non-GAAP and Supplementary Financial Measures" at the end of the MD&A which is available on Blackline's SEDAR+ profile at www.sedarplus.ca for a description of ARR.

¹ See non-GAAP and other financial measures.
² Based on 100% of the Company’s Shares and excluding the impact of Rollover Shares.
³ Based on 100% of the Company’s Shares and excluding the impact of Rollover Shares.

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MEDIA CONTACT
Blackline Safety
Christine Gillies, Chief Product and Marketing Officer
cgillies@blacklinesafety.com
+1 403-629-9434

INVESTOR / ANALYST CONTACT
Blackline Safety
Cody Slater, Chief Executive Officer and Chair
cslater@blacklinesafety.com
+1 403-397-5300

Source: Blackline Safety Corp.