Profitability achieved one quarter ahead of schedule and expects strong fourth quarter Quarter
SAN JOSE, California., November 21, 2023 /PRNewswire/ — Automation everywhere, the intelligent automation leader that brings AI to every aspect of an organization, today announced strong third quarter results, powered by new AI-enhanced generative automation products. ‘AI, agreements with large companies and execution of global sales. With its strong performance and momentum across all global regions, the company reported that the dollar value of large transactions grew more than 35% year-over-year, helping the company reach profitability sooner than expected.
“Third quarter results exceeded our targets across all of our key metrics, with large deal growth a strong signal that clients are increasingly adopting our platform for their business transformation,” said Mihir Shukla, CEO and co-founder of Automation Anywhere. “Our GenAI-powered solutions and use cases contributed to 30% of bookings, confirming that customers are looking for a powerful combination of AI and automation technologies to solve their complex challenges. The combination of strong revenue performance and disciplined cost control has allowed us to reinvest in growth. Building a sustainable business according to the “Rule of 40” is one of our goals and our financial results represent a tangible signal that we are on the right track.
- The big deals are over $100,000 in annualized value contributed more than 50 percent of the quarter’s bookings.
- The strong performance of the Corporate business was driven by strong bookings in North America, APJ, India And Middle East Regions.
- More than 50% of customers have downloaded the company’s Generative AI automation packages and can securely develop next-generation automation solutions with enterprise-grade AI models from industry leaders, including Anthropic , AWS, Google Vertex AI, Microsoft Azure OpenAI Service and OpenAI ChatGPT Enterprise.
- A broad customer base, high customer loyalty and continued product leadership have led to improved cash flow and a strong balance sheet.
“Improving productivity is a major area of focus for organizations adopting GenAI and a major driver of rapid and accelerated investments in this technology,” according to Maureen Fleming, vice president of AI and automation research at IDC. “The convergence of cloud, automation and GenAI to deliver advanced capabilities focused on efficiency and productivity will drive the performance of organizations and the growth of providers of these converged services.
“We have a unique opportunity to reinvent every aspect of a company’s business operations, where all departments and functions will benefit from automation and generative AI. We see clear signals that intelligent automation solutions are one of the best solutions. best ways to safely deploy AI in organizations and quickly achieve significant ROI,” Shukla continued.
Third Quarter Announcement Highlights
- Automation Anywhere announced the largest expansion of its AI-driven generative automation platform to date, with a new layer of responsible AI at the heart of its platform. This foundational layer includes the first and only custom generative AI automation models built on leading extensive language models and trained with anonymized metadata from millions of automations. These models give businesses the ability to automatically develop and execute complex processes and workflows, first by understanding work demand, converting natural language into steps, and dynamically creating new workflows. Many business processes and workflows can be automated, creating a new system of work that fundamentally transforms organizations’ operating models to help them better manage business conditions and disruption.
- THE Automation Success Platform also includes new high-trust AI tools and security and governance capabilities that are critical to deploying AI-driven automations at scale with access controls, data privacy, and monitoring real-time for secure and flexible enterprise-wide deployments.
- The company also announced four AI-powered generative automation products including Autopilot, which enables the rapid development of end-to-end automations using generative AI. New products enable organizations to automate more complex processes and end-to-end business workflows and accelerate their results and ROI.
- Gartner named Automation Anywhere a leader for the fifth consecutive year in 2023 Magic Quadrant for Automation. Automation Anywhere has been recognized as a leader for its comprehensive vision and ability to execute.
Automation Anywhere Third Quarter Ends October 31, 2023. As a private company, Automation Anywhere does not disclose detailed financial information.
About Automation Everywhere
Automation Anywhere is the leader in intelligent automation solutions that bring AI to every aspect of an organization. The company’s Automation Success platform is powered by specialized AI and generative AI and offers process discovery, RPA, end-to-end process orchestration, document processing and analytics, with approach focused on security and governance. Automation Anywhere enables organizations around the world to drive productivity gains, drive innovation, improve customer service and accelerate business growth. The company is guided by its vision: to power the future of work by unlocking human potential through intelligent automation. Learn more about www.automationanywhere.com.
Automation Anywhere is a registered trademark/service mark of Automation Anywhere, Inc. United States and other countries.
SOURCE Automation Anywhere, Inc.