Company continues aggressive growth and solidifies leadership in the Robotic Process Automation category with the most global customers
After reporting a year of record growth in 2017, Automation Anywhere, the largest enterprise software provider in Robotic Process Automation (RPA), today announced it has appointed Clyde Hosein as Chief Financial Officer. Reporting to CEO Mihir Shukla, Hosein is responsible for all finance, legal, IT and facilities functions worldwide.
Hosein brings more than 30 years of leadership experience at both large public companies and smaller private firms to this role, most recently as Chief Financial Officer at RingCentral, where he helped lead the company’s IPO and four years of rapid growth. He also served as CFO at billion-dollar Marvell Technology Group, as well as IDTI and Candescent. Prior to this, Hosein spent fourteen years at IBM in various finance, engineering and operational roles.
“After a record year of growth, adding almost 400 new enterprise customers, we continue to be focused on two things – unparalleled customer success and building a multi-billion-dollar company uniquely capable of driving even greater customer success,” said Mihir Shukla, Automation Anywhere’s CEO and co-founder. “The time is right to bring on a high-caliber, seasoned CFO to help us achieve these important business objectives. Clyde has deep financial and operational expertise and an impeccable reputation. He will be invaluable as we continue our rapid growth in 2018 and beyond.
“Not only are we acquiring new customers at an increasing pace, we delivered an upsell growth rate of 411 percent in total business in the second half of 2017 over the second half of 2016,” continued Shukla. “In addition, our renewals rate was more than 98 percent. Our AI product, IQ Bot, is the fastest growing area of our business and we expect this growth to continue to ramp up in 2018. In a ‘big data’ business environment, our results are driven by accelerating new customer acquisition, an extraordinary enterprise software upsell rate, our AI technology, and embedded analytics capabilities. These four components, rarely seen together, are fundamental to this impressive growth.”
Automation Anywhere closed 2017 with a total enterprise customer count of more than 930 and subscription revenue growth of 146 percent.
“This is an exciting time for the AI space, and in particular Robotic Process Automation,” said Hosein. “I was drawn to Automation Anywhere because of its great team of people, long history of product leadership, industry-leading AI technology, and the huge market opportunity that is at a meaningful inflection point in the adoption curve. I look forward to being part of the team that will extend our leadership to the next level.”
Hosein is a highly regarded executive in the technology industry and is well-known by the investment community. He has received numerous CFO awards during his career, including three from Institutional Investor. He also sits on the board of directors of Cree, Inc., a publicly traded company.