PRNewswire
San Jose (California) [USA], June 6: Automation Anywhere, a leader in AI-powered automation solutions, announced strong first quarter performance. Generative AI-powered automation deals along with hyperscaler partnerships continue to fuel the company's momentum. For the third quarter in a row, the company continues to demonstrate profitability through double-digit growth and improved margins. Automation Anywhere's GenAI solution offers a unified platform with unmatched scalability and flexibility, which was validated through multiple competitive displacements in the first quarter of the fiscal year.
"Our strategy to focus on AI and attract large enterprise customers continues to deliver growth and momentum for us," said Mihir Shukla, founder and CEO, Automation Anywhere. "We continue to expand on large multi-year deals over a million dollars, demonstrating that our AI-powered automation platform is motivating customers to adopt our solution at scale to help transform their business. Our focus remains to continue to accelerate adoption of our AI-powered automation platform, support customers and partners exceptionally well, and accelerate growth through meticulous execution of our strategy."
Automation Anywhere's unique GenAI process automation model and AI solutions introduced over the past year are enabling customers to advance workflow transformations and provide quicker tangible results. Previously, an organization would spend months understanding processes to automate, but today it is able to feed significant amounts of unstructured data into Automation Anywhere's GenAI process automation model, allowing it to learn where to optimize workflows quickly, often within weeks. Automation Anywhere also now provides the ability for companies to develop and deploy their own process AI solutions built from their own data. This not only shrinks the time it takes for customers to see results, but also exponentially increases customer outcomes.
Key Business Highlights
* Large deals exceeding $200,000 represented growth of more than 100 percent on a year-on-year basis.
* More than 65 percent of the new and upsell bookings were driven by AI-powered automation customers.
* Hyperscaler channel partnerships outperformed first quarter booking targets, highlighted by Amazon Web Services, Google Cloud, and Microsoft Azure.
* The company saw growth across all key regions and nearly all customers are now fully migrated onto its latest AI-powered automation platform, making it possible for them to realize the benefits from GenAI-powered automation offerings.
"Embedding GenAI into automation platforms simplifies development skills needed to take advantage of GenAI, optimizes complex workflows, and significantly enhances productivity by disrupting the flow of work and how it is completed," commented Maureen Fleming, AI and Automation Program Vice President at IDC. "With a new highly contextual interface to perform work, GenAI coupled with automated actions simplifies task completion - and work will increasingly flow to us instead of us hopping from application to application to do our jobs."
First Quarter Announcement Highlights
* Automation Anywhere expanded its partnership with Google Cloud to enable new customizable GenAI-powered solutions that unlock value for enterprises across industries. Leveraging Google Cloud's Gemini models and Vertex AI platform, Automation Anywhere drives automation at scale, accelerating business transformation, boosting productivity, and freeing up employee time for strategic work. These GenAI solutions are improving operations for over 300 enterprise customers running advanced process automations natively on Google Cloud.
* Petrobras saved $120 million in just three weeks. With the ability to work with unstructured document data and create automations using natural language, Petrobras leveraged Automation Co-Pilot for Business Users within its tax department to solve for potential inaccuracies in tax filings while adhering to the extensive and complex rules and regulations. By automating its tax filing system and process, this resulted in the ability to file taxes within three days without requiring employees to work weekends during tax season for the first time in 15 years.
* The company joined forces with Alorica, a global leader of next-generation customer experience solutions, to elevate customer experiences and provide tailored automation solutions.
* Automation Anywhere recently received several awards recognizing the company's leadership and excellence. These included a 2024 Great Places to Work Award, Gold Stevie® Awards for Achievement in Customer Service Automation, Customer Service Training Team of the Year, a Silver Stevie® Award in the Customer Service Department of the Year category, a 2024 Excellence in Customer Service award by the Business Intelligence Group, and the 2024 CIO 100 award.
Automation Anywhere's first quarter ended April 30, 2024. As a private company, Automation Anywhere does not disclose detailed financial information.
About Automation Anywhere
Automation Anywhere is a leader in AI-powered process automation that puts AI to work across organizations. 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 AI-powered automation. Learn more at www.automationanywhere.com
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