Automation Anywhere, 1 One of the most well-funded RPA providers to date, with over $1 billion in funding, has gone down the debt road this week, with $200 million in loans from Silicon Valley Bank, SVB Capital, and Hercules Capital. Secured.
Hiking debt isn’t necessarily a bad thing — it’s a useful tool, especially for companies with high annual recurring revenues — but the size and timing of Automation Anywhere’s funding made it more of a necessity than a choice. suggests.
“As Automation Anywhere continues to evolve its cloud-native automation platform, this new funding will provide operational capital for the next few years,” CEO Mihir Shukla told TechCrunch in an email. “We use AI and intelligent automation to design technology that is accessible to everyone: business leaders, managers, citizens, developers of all kinds.”
Shukla claims Automation Anywhere’s business is strong, with a customer base of about 5,000 and “over 50% revenue growth,” but the RPA market has long faced headwinds. Many promises can be fulfilled.
PitchBook notes that UiPath, Automation Anywhere’s main rival, which went public in April 2021, has plunged 71% this year. Meanwhile, another big company, Blue Prism, agreed to sell to Vista Equity Partners last September for his £1.095 billion (about $1.5 billion).
Gartner projects the RPA market to reach $2.9 billion by early 2023, but that growth rate will be significantly slower than in 2021, when the segment expanded 30.9% year-over-year. Assuming the $2.9 billion figure materializes, it will grow by 19.5% between 2021 and 2022.
