• July 24, 2024

According to published reports, one of the largest RPA technology providers is preparing for an initial public offering later this year. San Jose, Calif.-based Automation Anywhere is working with investment banks as it prepares to take the company public, sources told Bloomberg News.

While the last year has seen a marked increase in consolidation in the industry as enterprise software giants like Microsoft, Salesforce, SAP, IBM and ServiceNow have gobbled up smaller RPA providers, a recent report noted that RPA pure plays are still thriving. In fact, the biggest news of 2021 so far was the successful IPO of Automation Anywhere competitor UiPath in April.

Automation Anywhere hopes to capitalize on its status as one of the biggest players in the RPA industry to replicate UiPath’s success (the New York City-based company raised more than $1.5 billion in its debut on the New York Stock Exchange and its shares have risen 13 percent since the IPO).

According to Crunchbase, Automation Anywhere has raised about $850 million in private venture capital since 2018 with SoftBank’s Vision Fund the largest investor. After its most recent funding round in November of 2019, the company’s valuation was pegged at $6.8 billion.