NEW YORK, March 13 (Reuters) - Activist investor

Fivespan Partners said in a regulatory filing that it now owns

5.1% of BlackLine Systems at a time pressure is building

on the enterprise software company to review options, including

a possible sale.

The San Francisco-headquartered investment firm reported the

stake in a so-called 13-D filing which was made late on Thursday

and is required when an investor crosses the 5% ownership

threshold and intends to push for changes.

* BlackLine's ( BL ) stock has dropped 32% this year, valuing the

company at $2.16 billion.

* Fivespan used this year's sell-off to buy more stock, said

a person familiar with the firm's trading.

* The industry-wide sell-off related to growing fears of AI

disruption.

* In the filing, Fivespan said it would talk to directors

and management about an array of topics, including M&A and

overall business strategy.

* A Fivespan representative declined to comment beyond the

filing.

* On Tuesday BlackLine agreed with activist investors

Engaged Capital that two new directors would join the board and

that the newcomer proposed by Engaged would be on the strategic

committee.

* The strategic committee is empowered to lay the groundwork

for a potential merger or sale of the company.