Automation Anywhere Announces Strong Third Quarter FY24
Automation Anywhere, a leading provider of intelligent automation solutions, has reported strong performance in its third quarter, driven by the introduction of generative AI-enhanced products and successful global sales execution.
The company's focus on these advanced technologies has resulted in a significant 35 percent year-on-year increase in the value of large deals, contributing to its early profitability achievement.
Key highlights of the quarter include over 50 percent of bookings coming from large deals valued at over $100,000 annually. A remarkable uptake of generative AI automation packages, with more than half of the company's customers adopting these solutions, showcases a growing preference for Automation Anywhere's offerings. The company's enterprise business has grown robust, particularly in North America, APJ, India, and the Middle East.
Mihir Shukla, CEO and Co-founder, attributes the company's success to its innovative GenAI-powered solutions, which accounted for 30 percent of bookings. These offerings, combining AI and automation technologies, are tailored to address complex organizational challenges. Shukla emphasizes the company's commitment to the 'Rule of 40' principle, balancing growth and profitability, as evidenced by its financial results.
The quarteralso witnessed the largest expansion of Automation Anywhere's generative AI-powered automation platform. This includes the introduction of a Responsible AI Layer, which features custom generative AI automation models based on Large Language Models. These advancements enable the automation of complex processes and workflows, transforming organizational operating models.
Furthermore, Automation Anywhere's Automation Success Platform has been enhanced with high-trust AI tools and new security and governance capabilities, facilitating safe and scalable enterprise-wide deployments of AI-based automation.
The company also launched four new generative AI-powered automation products, including Autopilot, to enable the rapid development of end-to-end automation using generative AI. These products help organizations automate complex processes, enhancing efficiency and accelerating ROI.
Gartner's recognition of Automation Anywhere as a Leader in the 2023 Magic Quadrant for Automation for the fifth consecutive year highlights the company's sustained excellence in the field.
As a private entity, Automation Anywhere does not disclose detailed financials. Still, its achievements in the third quarter, ending October 31, 2023, underscore its leadership in intelligent automation and its commitment to driving innovation and growth in the field. The company continues to empower organizations worldwide, unlocking human potential through intelligent automation.
Automation Anywhere
Automation Anywhere, founded in 2003, is a global robotic process automation (RPA) leader. The company provides automation solutions that enhance business processes, enabling organizations to increase efficiency and productivity. Their platform empowers users to automate tasks across various industries, streamlining operations and improving workflow. Automation Anywhere focuses on innovation and user-friendly automation technology.
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