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Automation Anywhere Announces Strong Third Quarter FY24 Performance on Power of Generative AI-led deals, Large Enterprise Customers and Global Momentum
News provided byAutomation Anywhere, Inc.
Nov 20, 2023, 12:59 PM ET
Achieved Profitability a Quarter Ahead of Plan and Expects Strong Fourth Quarter
SAN JOSE, Calif., Nov. 20, 2023 /PRNewswire/ -- Automation Anywhere, the leader in intelligent automation that puts AI to work across every aspect of an organization, today announced it delivered strong third quarter results, propelled by new generative AI-enhanced automation products, large enterprise customer deals and global sales execution. With its strong performance and momentum across global regions, the company reported that the dollar value of large deals increased by greater than 35 percent year on year, helping the company achieve profitability ahead of plan.
"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," said Mihir Shukla, CEO and Co-founder of Automation Anywhere. "Our GenAI-powered solutions and use cases contributed to 30 percent of the bookings, confirming that customers are looking for the powerful combination of AI and automation technologies to solve their complex challenges. The combination of strong revenue performance and disciplined cost control allowed us to reinvest in growth. Building an enduring 'Rule of 40' company is one of our goals and our financial results represent a tangible signal that we're on the right track."
Key Business Highlights
- Large deals over $100,000 in annualized value contributed more than 50 percent of the bookings in the quarter.
- Robust performance by the Enterprise business was led by strong bookings in North America, APJ, India and Middle East regions.
- More than 50 percent of customers 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.
- Large customer base, high customer retention and continued product leadership led to improved cash flow and a strong balance sheet.
"Improving productivity is a top area of focus for organizations adopting GenAI and a major driver in the rapid and accelerating investments in this technology," according to Maureen Fleming, AI and Automation Research Vice President at IDC. "The convergence of cloud, automation, and GenAI to deliver advanced capabilities aimed at efficiency and productivity will drive performance in organizations — and growth for the providers of these converged services."
"We are in a once-in-a-generation opportunity to reimagine every aspect of a company's business operations, where all departments and functions will benefit from automation and generative AI. We're seeing clear signals that intelligent automation solutions are one of the best ways to deploy AI safely and securely in organizations and achieve significant ROI quickly," Shukla continued.
Third Quarter Announcement Highlights
- Automation Anywhere announced the largest expansion of its generative AI-powered automation platform to date, featuring a new Responsible AI Layer at the core of its platform. This foundational layer includes the first and only custom generative AI automation models developed on top of leading Large Language Models and trained with anonymized metadata from millions of automations. These models give companies the ability to develop and run complex processes and workflows automatically, first by understanding the work request, converting natural language into steps, and dynamically creating new process workflows. A large number of enterprise 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 disruptions.
- The Automation Success Platform also includes new high-trust AI tools and security and governance capabilities that are key to deploying AI-based automations at scale with access controls, data privacy, real-time monitoring for safe, flexible enterprise-wide deployments.
- The company also announced four generative AI-powered automation products including Autopilot, which enables the rapid development of end-to-end automations using generative AI. The 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 the 2023 Magic Quadrant for Automation. Automation Anywhere was recognized as a Leader for its Completeness of Vision and Ability to Execute.
Automation Anywhere's third quarter ended October 31, 2023. As a private company, Automation Anywhere does not disclose detailed financial information.
About Automation Anywhere
Automation Anywhere is the leader in intelligent automation solutions that put AI to work across every aspect of an organization. The company's Automation Success Platform is powered with specialized AI, generative AI and offers process discovery, RPA, end-to-end process orchestration, document processing, and analytics, with a security and governance-first approach. Automation Anywhere empowers organizations worldwide to unleash productivity gains, drive innovation, improve customer service and accelerate business growth. The company is guided by its vision to fuel the future of work by unleashing human potential through intelligent automation. Learn more at www.automationanywhere.com.
Automation Anywhere is a registered trademark/service mark of Automation Anywhere, Inc. in the United States and other countries.
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SOURCE Automation Anywhere, Inc.
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