Tuesday 3rd July, 2018
Automation Anywhere has announced it has completed its Series A financing round of $250 million. As one of the largest Series A rounds on record for an enterprise software company, this brings Automation Anywhere’s post-money valuation to $1.8 billion. This sizable investment will help extend Automation Anywhere’s leadership in the rapidly-expanding RPA market and accelerate its global customer engagements and product development.
RPA is a fast-evolving technology which uses software robots (bots) to automate business processes that have never been automated by traditional technology platforms. Today these processes are managed manually by hundreds of thousands of human workers. Automation Anywhere pioneered RPA and its Intelligent Digital Workforce Platform, which also combines cognitive automation and analytics, is driving productivity and business process accuracy with near-zero error rates.
With this investment, Automation Anywhere expects to deepen its customer engagements in North America, LATAM, India, Europe, Australia, Japan, South Korea and Singapore (ASEAN), and plans to deploy its technology in additional geographies. Building on its core product offerings, Automation Anywhere’s customers will further benefit from specialized machine learning capabilities and sophisticated Artificial Intelligence (AI) integrations to drive higher operational efficiency, increased agility and flexibility to scale up-and-down anytime, all with robust security.
“Customers tell us that traditional process automation technologies are capable of automating only about 20 percent of an enterprise’s business processes. We believe our Intelligent Digital Workforce Platform can automate up to 80 percent of these processes. It’s a stark contrast and an enormous opportunity,” said Mihir Shukla, CEO and Co-Founder of Automation Anywhere. “The financing and our high caliber of investors strongly position us to push boundaries and drive the next major business disruption. Our investors recognize the enormous RPA market potential, and our Series A financing at a $1.8 billion valuation is an acknowledgement of the company’s strong leadership, stability and growth prospects.”
Automation Anywhere has dramatically grown its business and completed market-leading product innovations in unprecedented ways:
* Total revenue continues to grow over 100 percent annually
* Existing customer revenue grew more than 150 percent year-over-year (ended March 2018)
* Investments in customer success programs helped to drive a 98 percent retention rate and one of the highest tech industry Net Promoter Score
* Large global enterprises continue to be signed as customers, some of which can be seen here
* Version 11 of Automation Anywhere Enterprise (base platform) was launched in December 2017 with enhancements including SLA management, applications for all cloud environments and bank-grade security
* IQ Bot™ 6.0, AI-enabled bots capable of learning from observing human behavior, was recently launched
* Automation Anywhere Bot Store™, the world’s first bot store marketplace, was opened in March 2018 consisting of hundreds of pre-built bots for more commonly used business processes, delivering drag-n-drop ease and immediacy with very little development required
“With this investment, we are poised to extend our leadership in the multibillion-dollar RPA market,” said Clyde Hosein, CFO of Automation Anywhere. “We welcome the new investor group and look forward to their valuable contributions as we enter our next growth phase.”