London-based robotic process automation software company Blue Prism secures £100M in new funding to strengthen its balance sheet during the current economic climate
The ongoing coronavirus pandemic has forced many companies to lay off workers and cut salaries to stay afloat. While many companies are still struggling to raise new funding to keep their business going, Blue Prism, a London, England-based tech company that develops robotic process automation software, announced it has raised £100 million from existing and new investors, placing it in a strong position in the current economic climate.
Blue Prism said it will use the new funding to further strengthen and protect Blue Prism’s balance sheet during a period of uncertainty for the wider economy, while allowing continued investment in the innovation of its dedicated enterprise intelligent automation suite.
Founded in 2001 by Alastair Bathgate and David Moss, Blue Prism provides robotic process automation software platform that enables business operations to be agile and cost effective through rapid automation of manual, rules based, back office administrative processes, reducing cost and improving accuracy by creating a “digital workforce.” The company’s purpose is to unleash the collaborative potential of humans, operating in harmony with a Digital Workforce, so every enterprise can exceed their business goals and drive meaningful growth, with unmatched speed and agility.
“In this environment, our Digital Workers are arguably more important than ever in driving organizational adaptation and resilience, and our role as a strategic technology partner to our customers in many ways becomes more emphasized,” says Jason Kingdon, Executive Chairman and CEO of Blue Prism. “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.”
Blue Prism’s platform is used by Fortune 500 and public-sector organizations, among customers across 70 commercial sector in more than 170 countries. By strategically applying intelligent automation, these organizations are creating new opportunities and services, while unlocking massive efficiencies that return millions of hours of work back into their business.
Blue Prism 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 percent 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.