Blue Prism Sees Revenues Jump 125 Percent, Customer Adoption More Than Doubles in FY2018 as Company Secures £100M (approx. USD $130M) in Fresh Funding
London and Austin, TX — February 12, 2019 — Following on the heels of the company’s recently announced connected-RPA product roadmap and vision, Blue Prism (AIM: PRSM), stated that it closed FY2018 with revenue up 125 percent to £55.2m, being driven by widespread customer adoption across 42 vertical industries, in 67 countries.
Currently, more than 1,000 global organizations are using Blue Prism's connected-RPA software to empower employees to invent, design and swiftly develop new disruptive services based on the company's digital workforce. To help sustain and accelerate this growth the company just announced an additional £100M (approx. USD $130M) in new funding to support continued investments in R&D, sales, marketing, customer experience, community and global expansion.
"We set out with the ambitious goal of democratizing IT more than a decade ago, which is now starting to reach to fruition via our connected-RPA offering," said Alastair Bathgate, Blue Prism CEO and Co-Founder. "We've painstakingly proven ourselves repeatedly in some of the world's most heavily regulated industries which has resulted in a highly differentiated digital workforce. Our market momentum will only increase as we continue to build out automation capabilities enabling easy access to leading-edge cloud, AI and cognitive capabilities."
For FY2018, Blue Prism closed 545 new enterprise customers globally — a 108 percent increase in customers over FY2017. Blue Prism's customer base in the United States grew by 158 percent to 349 customers in total, with 214 being new customers and 224 from upsells.
Other key highlights for the second half of FY2018 include:
- Continued customer momentum: New marquee client names added over the past year include ABB Group, Blue Cross, Bombardier, Dow Chemical, Cardinal Health, ERGO Germany, Opus Energy, PayPal Holdings, Royal Caribbean Cruise, State of New Mexico, TJX Europe and Air New Zealand to name but a few. These new customer wins highlight Blue Prism's broad appeal across multiple vertical industries including manufacturing, financial services, insurance, energy and transportation.
- Geographic expansion and talent acquisition: To serve customers locally, Blue Prism opened four new offices—Germany, France, Singapore and Hong Kong, while more than doubling the company's headcount in 2018.
- U.S. government expertise: Blue Prism launched its US public-sector practice last March, which is designed to enable quick and easy RPA deployments across federal, state and local government agencies, via its broad partner network including the likes of Accenture Federal, Appian, Deloitte, EY, Guidehouse (formerly PwC Public Sector), IBM and KPMG. The company's RPA software is now available to federal agencies on GSA IT Schedule 70 (GS-35F-0511T), through value-added distributor EC America (ImmixGroup), helping the US government create the workforce for the 21st Century.
- Leveraging AI and R&D investments: Blue Prism continues to enable customers to leverage the R&D budgets of some of the IT industry's largest players including AWS, Google, Microsoft and IBM by easily accessing some of their latest technologies. The company announced "out of the box" API integrations with these vendors, enabling operational AI at scale for customers. In FY2018, Blue Prism continued to integrate leading-edge AI, machine learning, analytics and cloud capabilities into its RPA platform. Blue Prism also opened its research labs in London—a world-class brain trust of PhD level research scientists and engineers, who inform developments on the company's embedded AI capabilities.
- Continued product innovation: Building on customer demand, Blue Prism introduced numerous capabilities to its RPA platform that enable users to speed up processes, increase access to crucial data and digitize workflows. In addition, the company launched its intelligent automation marketplace in November, the Blue Prism Digital Exchange (DX), which has seen a 500 percent increase in registered companies including customers, technology and channel partners. Blue Prism's DX now has over 300 registered companies and 1,000 registered users making it a leading online RPA community that provides drag and drop access to intelligent automation (IA), machine learning, cognitive and other disruptive technologies.