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Automation everywhere, one Among the well-funded RPA vendors with more than $1 billion in capital raised to date, they went on the debt line this week and secured $200 million in loans from Silicon Valley Bank, SVB Capital and Hercules Capital.
An increase in debt isn’t necessarily a bad thing — it’s a useful tool, especially for companies with high annual recurring revenue — but Automation Anywhere suggests that the size and timing of the increase is more important than choice.
“This new financing will provide operating capital for the next several years as we continue to advance Automation Anywhere’s cloud-native automation platform,” CEO Mihir Shukla told TechCrunch in an email. We’re using AI and intelligent automation to design technology that’s accessible to everyone—business leaders, managers, and citizen developers of all kinds.
Shukla Automation Anywhere says its business is strong, with a customer base of nearly 5,000 and “more than 50% revenue growth,” while the RPA market has long been a headache for investors as the technology that automates repetitive software tasks at the enterprise level can deliver on much of its promise.
UiPath — Automation Anywhere’s main competitor, Pitchbook — which was announced in April 2021 — is down 71 percent this year. Meanwhile, another big player, Blue Prism, last September agreed to sell itself to Vista Equity Partners for £1.095 billion (about $1.5 billion).
Gartner predicts that while the RPA market will reach $2.9 billion in early 2023, the growth rate will be significantly lower than in 2021, when the segment expanded by 30.9% compared to the previous year. Assuming the $2.9 billion figure is implemented, it translates to 19.5% growth between 2021 and 2022.
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