• July 24, 2024

Automation Anywhere, citing third quarter results, said it has reached profitability as a company sooner than it had projected. While the San Jose, Calif.-based intelligent automation technology provider is private and not required to disclose full financial details, it said in a statement that it achieved profitability on the strength of a big leap in big deals.

“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.”

Founded in 2003, the  company was an early entrant in the RPA space and has maintained a prominent position as AI-driven technologies have forced an evolution of business process automation software.

Automation Anywhere noted that deals in excess of $100,000 per year grew 35 percent on a year-over-year basis and made up more than half of the deals it closed in Q3 2023. It identified North America, Asia Pacific, India and the Middle East as leading regions.