Company Increases Revenues by 83 Percent While Maintaining a 99.3 Percent Retention From Existing Customers
For the fourth consecutive year, Blue Prism has reported the fastest revenue growth of all large UK public software companies. Reporting on its financial results for the year ending October 31, 2019, the company’s revenue growth performance also stands out among its US and global peer group. Selling its Digital Workforce — software that aims to mimic human workers and can automate any business process to customers across 70 commercial sectors, and with users in more than 170 countries, makes Blue Prism one of the most successful technology exports from the UK of all time.
Completing its most successful year to date, the company, stated that it closed FY2019 with revenue up 83 percent to £101m, from £55.2m the previous year. The company also reported that its customer base increased by 73 percent to 1,677 global enterprise accounts from the previous year.
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Blue Prism added more than 700 new customers as it continued to execute on its vision of a Digital Workforce for Every Enterprise. The company’s vision is paying off as it added marquee customers like Amazon, L’Oreal and The US Department of Justice to its roster while maintaining a 99.3 percent gross retention rate. The company’s revolutionary technology is leading the on-boarding of disruptive capabilities such as artificial intelligence (AI), and introducing outsized productivity gains for its clients.
Blue Prism’s top 50 enterprise accounts already average 400 Digital Workers which are multi-tasking process agents that automate myriad process types and tasks. Unlike other Robotic Process Automation (RPA) vendors, Blue Prism’s software robots are multi-skilled agents that swarm to tasks and are capable of easily adjusting to ongoing business demands and activity. Blue Prism’s Digital Workers automate millions of transactions while returning hundreds of thousands of hours back into the business for a great return on investment (ROI).
In fact, studies by academics at the London School of Economics have judged Blue Prism’s technology as delivering the highest ROI of any technology studied. Fast Company and MIT Technology Review have also acknowledged Blue Prism as a global technology innovator and leading company.
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“We’ve just closed our most successful year on record,” says Jason Kingdon, Executive Chairman of Blue Prism. “These customer growth numbers validate our strategy of building out a true enterprise-grade automation platform that is democratizing automation. We’ve painstakingly proven ourselves repeatedly in some of the world’s most heavily regulated industries which has resulted in a highly differentiated Digital Workforce. This momentum will only increase as we continue enabling easy access to leading-edge AI and cognitive capabilities, delivered on-premises, cloud, SaaS and all mixed delivery formats to meet the evolving needs of our customers. We are just getting started.”
Other key highlights for FY2019 include:
- Pursuing Customers for Life: Recent Blue Prism customer wins include Equinix, Fiserv, John Lewis, Japan Airlines, Milaha, Uniper, University of Sydney and Utilita to name but a few. These wins highlight Blue Prism’s broad appeal across multiple vertical industries including manufacturing, financial services, insurance, energy and transportation.
- Driving Intelligent Automation: Digital Exchange (DX) continues to be central to Blue Prism’s role as a digital backbone, enabling AI deployments; over 11,000 users registered during the year.
- Broadening Automation Capabilities: Thoughtonomy, acquired in July 2019, integrated into the product stack and integral in the launching of hybrid and multi environments is now being rebranded as part of Blue Prism Cloud.
- Continued Product Innovation: Building on customer demand, Blue Prism introduced numerous capabilities to its connected-RPA platform that enable users to speed up processes, increase access to crucial data and digitize workflows. Significant product launches during the year included Blue Prism Versions 6.5 and 6.6 as well as the launch of Learning edition, and multi environment trial editions to promote easier access.
- Executive Leadership: Jason Kingdon returned to the role of Executive Chairman in October 2019, drawing on his significant experience in commercializing AI. Jason will be responsible for accelerating the company’s role as a platform for corporate adoption of AI technologies, and will assume leadership responsibilities for Blue Prism’s go-to-market and product functions.
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