Published on December 8, 2023, 9:51 am
Privately held companies often keep their financial results under wraps, only sharing them when there’s something worth celebrating. Automation Anywhere, however, has broken that trend by publicly disclosing its financial results for the first time. While the announcement lacks detailed reports, it offers a glimpse into the company’s recent successes.
Over the past year, generative AI has made its way into every facet of the business technology stack, and this growth has translated into impressive results for Automation Anywhere.
In terms of deals, the dollar value of Automation Anywhere’s largest transactions increased by more than 35 percent compared to the previous year. In Q3 alone, deals with an annualized value exceeding $100,000 constituted 50 percent of bookings. The most significant gains came from customers in North America, Asia Pacific, India, and the Middle East.
Mihir Shukla, CEO and co-founder of Automation Anywhere showcased his delight by stating that “Third-quarter results exceeded goals across our key metrics, with large deal growth as a robust signal that customers are increasingly adopting our platform for business transformation.”
Automation Anywhere attributes its success to three primary drivers: its generative AI-enhanced products, significant enterprise customer deals, and a global sales portfolio. Shukla further emphasizes that “Our GenAI-powered solutions and use cases contributed to 30 percent of our bookings. This confirms that customers are seeking the powerful combination of AI and automation technologies to solve complex challenges.”
Apart from revenue performance and cost control measures contributing to overall success story of Automation Anywhere thus allowing reinvestment towards growth; it also showcases a promising trajectory toward being a ‘Rule of 40’ company.
During this period of achievement for Automation Anywhere, they announced various expansions to their generative AI offerings. One notable addition is their Responsible AI Layer that serves as a foundational layer for their flagship Automation Success Platform. It incorporates custom generative AI automation models which empower users to create, run, and automate complex workflows using natural language. Additionally, the Responsible AI layer includes various AI tools for security and governance. These tools facilitate access controls, data privacy, and real-time monitoring capabilities necessary for scalable enterprise automation. In this vein, products like Autopilot have aided users in accelerating automation deployment.
While generative AI is not solely responsible for Automation Anywhere’s success—since they also boast a strong customer base, high retention rates, and a commitment to expanding their global presence—it has undeniably played a critical role in their achievements. By rapidly embracing generative AI and combining it with AI-driven intelligent automation technology, Automation Anywhere has met the expectations of its diverse customer base.
The potential for generative AI to revolutionize the world of automation was recognized at the beginning of the generative AI boom. Automation Anywhere aptly describes this integration as putting generative AI to work—an approach that has yielded results for them. The introduction of Robotic Process Automation (RPA) and other automation technologies sparked industry excitement. However, widespread deployment didn’t come without its challenges.
Generative AI has proven to be a catalyst in accelerating the speed and scale of automation deployments within organizations—a feat exemplified by Automation Anywhere’s success story due to their emphasis on security and governance protocols.
By fulfilling customer needs and expectations through widespread adoption while harnessing the potential of generative AI to amplify platform capabilities; Automation Anywhere has firmly established itself as a leader in the realm of generative AI-enabled automation.
In conclusion, Automation Anywhere’s decision to publicly share their financial results signifies their confidence in their recent accomplishments. Their embrace of generative AI coupled with significant enterprise deals positions them as a frontrunner in the field of AI-powered automation.
(Note: This article is an original creation based on information from an unnamed source)