Fourth consecutive quarter of non-GAAP operating profit, with more than 70% of new and upsell bookings driven by AI-powered automation solutions
SAN JOSE, Calif., September 12, 2024 /PRNewswire/ — Automation Anywherea leader in AI-powered automation, announced impressive second quarter results, marking the fourth consecutive quarter of non-GAAP operating income and expanding margins. The company also experienced an unprecedented increase in customer demand for autonomous AI agents, with leading companies across multiple industries leveraging the potential of this technology at an increasingly rapid pace and driving a growing pipeline of business opportunities.
“The changing business landscape is driving unprecedented demand for AI-powered automation and autonomous AI agents to increase productivity, improve customer experience and generate significant economic value,” said Mihir Shukla, CEO and co-founder of Automation Anywhere. “This strategic shift is clearly reflected in our second quarter results. The increasing adoption of our new system underscores that companies are recognizing the value of autonomous AI agents to assist employees and quickly realize ROI on their AI investments.”
In June, the company launched its newAI + Automation Enterprise System that combines AI with automation to achieve exponential results. The offering, which will be presented at the Imagine 2024 The platform, unveiled today, is powered by the company’s second-generation GenAI process models to accelerate the discovery, development, and deployment of complex, end-to-end AI process automation. This includes new autonomous AI agents that manage and support complex cognitive tasks and automate more than ever before across all systems in an enterprise. The new platform helps organizations achieve dramatic efficiency gains by reducing processes that once took hours to minutes, enabling three times the time to value and up to ten times the impact on business operations across customer service, finance, IT, and HR. Organizations can now automate more business-critical processes faster and more responsibly, all with built-in security, compliance, and governance.
Business highlights
• Large deals over $200,000 increased 70% year-over-year
• More than 70% of new and upsell deals were made by AI-powered automation customers
• Continued growth among customers with million-dollar sales and strong performance in key regions
• Increased momentum with numerous customer deals with AI agents since the product launch in June, setting a new product launch record
• Growing, healthy cash balance
Further highlights of the quarter
• New GenAI capabilities have helped document automation become one of the company’s fastest-growing product lines.
• Customer Net Promoter Score (NPS) increased 12%, into the upper range of strong NPS scores for SaaS companies. This underscores significant gains in customer retention and positions Automation Anywhere as an industry leader in helping customers plan their automation strategies, measure and achieve ROI goals, and continuously improve the value of automation to their bottom line. The company has received 14 awards for outstanding customer service, support, and operational excellence in the last 18 months, including two coveted awards from the Technology & Services Industry Association (TSIA).
• Continued to achieve greater than 75% license utilization with large enterprise customers, demonstrating that customers are getting significant value and placing the company at the top end of the SaaS industry. The company believes this is a much higher license utilization rate than its competitors.
Second Quarter Announcement Highlights
• Automation Anywhere was recognized by Gartner in 2024 Magic Quadrant for Automation was recognized as a Leader in Automation for the sixth consecutive year. Automation Anywhere was recognized as a Leader for completeness of vision and ability to execute.
• Automation Anywhere has launched its new AI + Automation Enterprise System presentedwhich includes second-generation GenAI process models and AI agents for complex cognitive tasks. These include new offerings such as AI Agent Studio for creating custom autonomous AI agents, Automator AI with generative recorder and advanced autopilot, improved document automation, and a conversational automation co-pilot built into Amazon Q is integrated.
• The company expanded its Microsoft partnership and integrated the Azure OpenAI Service into its AI + Automation Enterprise System to develop AI agents for complex automation applications and improve document processing capabilities.
• Jeff Tworek, an experienced technology sales executive, encountered as Sales Director to Automation Anywhere to drive continued growth amid the AI-powered automation boom. After appointment With the appointment of Tim McDonough as Chief Marketing Officer in April, he is the second executive to join the company this year and strengthen the company’s leadership.
Automation Anywhere’s second quarter ended July 31, 2024. As a privately held company, Automation Anywhere does not disclose detailed financial information.
About Automation Anywhere
Automation Anywhere is a leading provider of AI-powered process automation that enables organizations to achieve productivity gains, drive innovation, improve customer service, and accelerate business growth. The company’s AI + Automation Enterprise System is based on specialized AI, autonomous AI agents, and provides process discovery, end-to-end process orchestration, document processing, and analytics—all with a security and governance-first approach. Driven by a vision to advance the future of work, Automation Anywhere is dedicated to unleashing human potential through AI-powered automation. For more information, visit www.automationanywhere.com
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The Power of AI Automation: Unlocking Exponential Results
In today’s fast-paced digital landscape, businesses are constantly seeking innovative ways to streamline processes, boost productivity, and drive growth. One such game-changer is AI automation, which has revolutionized the way organizations operate and excel. As Automation Anywhere, a leader in AI-powered automation, announces its fourth
Fourth Consecutive Quarter of Non-GAAP Operating Profit: Automation Anywhere’s AI-Powered Automation Solutions Drive Business Growth
In a remarkable achievement, Automation Anywhere, a leader in AI-powered automation, has announced its fourth consecutive quarter of non-GAAP operating profit, with more than 70% of new and upsell bookings driven by AI-powered automation solutions. This impressive performance is a testament to the growing demand for AI-powered automation and autonomous AI agents across various industries.
Strategic Shift towards AI-Powered Automation
The changing business landscape is driving unprecedented demand for AI-powered automation and autonomous AI agents to increase productivity, improve customer experience, and generate significant economic value. According to Mihir Shukla, CEO and co-founder of Automation Anywhere, “The increasing adoption of our new system underscores that companies are recognizing the value of autonomous AI agents to assist employees and quickly realize ROI on their AI investments.”
Launch of AI + Automation Enterprise System
In June, Automation Anywhere launched its new AI + Automation Enterprise System, which combines AI with automation to achieve exponential results. This platform is powered by the company’s second-generation GenAI process models, which accelerate the discovery, development, and deployment of complex, end-to-end AI process automation. The new platform helps organizations achieve dramatic efficiency gains by reducing processes that once took hours to minutes, enabling three times the time to value and up to ten times the impact on business operations across customer service, finance, IT, and HR.
Business Highlights
The company’s impressive performance is reflected in several key business highlights, including:
Large deals over $200,000 increasing by 70% year-over-year
More than 70% of new and upsell deals driven by AI-powered automation customers
Continued growth among customers with million-dollar sales and strong performance in key regions
Increased momentum with numerous customer deals with AI agents since the product launch in June, setting a new product launch record
* Growing, healthy cash balance
Further Highlights of the Quarter
The quarter also saw new GenAI capabilities helping document automation become one of the company’s fastest-growing product lines. Customer Net Promoter Score (NPS) increased by 12%, positioning Automation Anywhere as an industry leader in customer retention and ROI goals. The company has received 14 awards for outstanding customer service, support, and operational excellence in the last 18 months.
Industry Recognition
Automation Anywhere was recognized by Gartner in the 2024 Magic Quadrant for Automation, further solidifying its position as a leader in the AI-powered automation industry.
Automation Co-Pilot: An Intelligent Automation Assistant
Automation Anywhere’s Automation Co-Pilot, an on-demand, intelligent automation assistant powered by generative AI, is designed to assist employees and quickly realize ROI on AI investments [[1]]. This solution is embedded in any business application, helping organizations achieve exponential results.
Global Reach and Partnerships
With a global presence in over 40 countries and a network of 1,400 partners, Automation Anywhere has developed and implemented over 1.8 million software bots [[2]]. The company’s integration with various business applications has enabled organizations to automate complex business processes and achieve significant productivity gains.
Conclusion
Automation Anywhere’s impressive performance is a testament to the growing demand for AI-powered automation and autonomous AI agents. With its innovative solutions and global partnerships, the company is well-positioned to continue driving business growth and achieving exponential results for its customers.
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