Automation Anywhere announced that it has secured $200 million in financing from Silicon Valley Bank, SVB Capital, and Hercules Capital, Inc. (NYSE: HTGC). The financing is intended to provide operational and strategic capital for the next several years.
Mihir Shukla, CEO and co-Founder, Automation Anywhere, said, “We continue to be optimistic about the near-term opportunities for Automation Anywhere, as more companies scale automation and use the flexibility of our cloud platform to mitigate the impact of global events and navigate market challenges. The financing enables us to expand on our mission to unleash human potential by helping every company build a digital workforce and succeed with automation.”
Recent research from Automation Anywhere reveals that automation budgets are dramatically increasing, with more than 77 percent of organizations indicating they will boost their automation budgets in the year ahead. The research also found that cloud-based automations are integral for the 93 percent of organizations that have already adopted a cloud-first approach to automaton. Cloud delivers agility and flexibility to rapidly respond to the nature of today’s quickly evolving environments.
James Budge, Chief Financial Officer, Automation Anywhere, said, “This partnership and financing with Silicon Valley Bank and Hercules Capital, complements an already strong balance sheet, and allows us to continue to invest in and enhance the best cloud-native automation platform in the marketplace today. Our cloud strategy is working and is efficient, and with over 80% of our business being cloud, our over 50% revenue growth and strengthening margins have risen to the level that we believe $200 million is more than sufficient capital to see us through to profitability.”
Bob Blee, Head of U.S. Technology Corporate Banking at Silicon Valley Bank, said, “It has been a pleasure to work closely with Mihir, James, and the Automation Anywhere team over the past several years to support their continued growth. Automation Anywhere is a leader in RPA and is helping companies automate and digitize enterprise processes that increase the productivity of their workforce, digitally transform their business, and become more resilient. The solutions Automation Anywhere provides are invaluable and we are excited to continue to support them as they accelerate the adoption of RPA.”