- Robotic Process Automation company Blue Prism is acquiring Thoughtonomy in a deal valued at up to $100 million
Blue Prism, a company known as a pioneer of Robotic Process Automation (RPA) — which is the process of automating tasks with robots so that humans can focus on more important issues — announced recently that it is acquiring Thoughtonomy. Thoughtonomy is a company that offers RPA-based solutions with a SaaS model. The deal is valued at up to £80 million ($100 million).
Blue Prism is a public company that is traded on the London Stock Exchange. The terms of the deal were revealed in a regulatory statement filed with the London Stock Exchange.
Valued at more than £1 billion, Blue Prism is setting up the deal in a combination of cash and stock — which includes £12.5 million payable on completion of the acquisition, £23 million in shares payable on completion of the acquisition, up to £20 million payable one year after the acquisition closes, up to £4.5 million in cash after 18 months, and £20 million on the second anniversary of the deal closing.
Thoughtonomy received many offers for outside funding, but the company bootstrapped the whole way through. Thoughtonomy was founded in 2013 by CEO Terry Walby and the company has grown into one of the leading providers of cloud-based automation. Currently, Thoughtonomy has 77 direct customers and 200 indirect customers worldwide.
For the 12 months ended April 30, 2019, Thoughtonomy reported revenues of £9.8 million and an adjusted operating loss of £3.6 million. And the adjusted revenues for the same period were £7.4 million and gross assets as of May 31, 2018 were £5.6 million.
According to TechCrunch, this acquisition is coming about six months after Blue Prism said it was raising about $130 million through new stock issuances in order to continue growing as the RPA market is heating up. Blue Prism’s SVP of global partner strategy and programs Linda Dotts confirmed this plan with TechCrunch.
“I am very pleased to announce this strategic acquisition; which provides Blue Prism with a turnkey SaaS product which combines the power of the connected-RPA with a fully integrated suite of premium quality AI and RPA capabilities, on demand,” said Blue Prism CEO Alastair Bathgate. “The product is available to customers without the overhead of setting up a dedicated infrastructure and as a result is ideal in serving the mid-tier of the market. We believe that the cloud will grow in importance across our enterprise customer base, and this acquisition will also help further our development of enterprise-based cloud products.”
