Wednesday, 22 April 2020 12:20

Blue Prism completes capital raising

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UK-based robotic process automation specialist Blue Prism has completed a £100 million capital raising with the funds to be used to further strengthen and protect the company’s balance sheet in what it says is a period of uncertainty for the wider economy.

The UK-based software Blue Prism also said the funding (US$122.8m) from new investors will allow continued investment in the “innovation of its dedicated enterprise intelligent automation suite”.

“In this new economic reality, automation has become a top business priority. Blue Prism is working to meet this demand by helping organisations stay resilient, responsive and competitive through the deployment of a digital workforce,” the company said.

“The funding raised positions the business as a strong partner to its large enterprise customer base, well placed to accelerate Robotic Process Automation (RPA) adoption with organisations looking to maintain business continuity and alleviate the challenges of COVID-19 through intelligent automation.”

Jason Kingdon, Executive Chairman and CEO of Blue Prism said: "In this environment, our Digital Workers are arguably more important than ever in driving organisational adaptation and resilience, and our role as a strategic technology partner to our customers in many ways becomes more emphasised”.

“The capital raised positions us a strong partner to our enterprise customers as they increasingly look to securely scale beyond a simple Proof of Concept (PoC) while leveraging leading-edge AI and cognitive capabilities,” Kingdon added.

In its statement announcing the capital raising, Blue Prism says that it reported achieving the “fastest revenue growth” of all large UK public software companies for the fourth consecutive year in 2019.

“Completing its most successful year in FY2019, Blue Prism reported an 83 percent revenue increase to £101 million while boosting its customer base by 73% to 1,677 global enterprise accounts from the previous year.

“Blue Prism also added more than 700 new customers last year as it continued to execute on its vision of a Digital Workforce for Every Enterprise,” the company concluded.


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