Blue Prism Revenue Grows 70% Driven by Cloud Business, Maintains Lead in Customer Retention
COVID-19 Accelerates Cloud and SaaS Demand for Blue Prism's Digital Workforce
LONDON and AUSTIN, Texas, June 23, 2020 /PRNewswire/ -- Over the first half of fiscal 2020, Blue Prism® (AIM: PRSM) reported a 70% increase in revenues to £68.5 million and saw numerous enterprise customers including the UK's National Health Service (NHS) and Utilita, all moving to a cloud or Software-as-a-Service (SaaS) intelligent automation delivery model. COVID-19 has intensified this strategic focus on transitioning to more dynamic and scalable operating models enabling organizations to respond at speed to unpredictable market shifts. These numbers also validate Blue Prism's position as one of fastest revenue growth companies in the large UK public software sector while being one of the most successful technology exports from the UK.
Blue Prism's Digital Workforce, software that aims to mimic human workers and can automate any business process, is helping more than 1,864 enterprise customers compete and reinvent themselves. Over the first six months of its financial year Blue Prism has seen its cloud and SaaS revenue grow at a rate of 57% faster than median US public SaaS companies helping drive £11.6 million in monthly recurring revenues while maintaining a 98% gross revenue retention rate from existing customers.
The company's investments in building out a first-class cloud eco-system and capabilities have placed it first in line to meet the global surge in market demand for cloud solutions. Out of the box access to AI capabilities make Blue Prism a natural first choice for enabling customers to extend their use of intelligent automation across more complex business processes.
"We've seen a shift towards cloud and SaaS delivery models over the past few months," says Jason Kingdon, Chairman and CEO of Blue Prism. "Blue Prism was early in predicting this trend, investing in cloud reference architectures to optimize performance as well as adding SaaS capabilities to our portfolio for those clients who want to access a turnkey platform delivered as a service. This momentum will only increase as we continue our quest to simplify access to leading-edge AI and cognitive capabilities, democratize the use of digital workforces and underpin a digital transformation for all enterprises."
Responding to COVID-19
Business continuity and working remotely has become a top IT priority in recent months. Blue Prism's COVID-19 Response Program is at the forefront of the pandemic crisis helping organizations maintain business continuity and assisting those on the front lines of the health emergency. Launched in mid-March, the program already encompasses over 70 projects across multiple industries and has donated hundreds of Digital Workers (software licenses) and thousands of service hours, helping alleviate the disruption caused by COVID-19. Here's what a few customers had to say:
"Over the past three years T. Rowe Price has leveraged Robotic Process Automation (RPA) as a key pillar in our operational strategy to digitize high volume, manual processes utilizing Blue Prism products. These digital workers process tens of thousands of transactions monthly," says Dominick Cipolla, Head of Retirement Plan Services Operations at T. Rowe Price. "As we prepared for CARES Act withdrawals, we knew RPA capacity would need to increase in a matter of days to support the expected transaction volumes. We leveraged the Blue Prism COVID-19 license loan program to add the needed capacity, enabling our existing RPA processes to run smoothly as well as support the high COVID withdrawal volumes. The Blue Prism COVID-19 license loan program helped T. Rowe Price to meet the needs of our 401k participants in this unprecedented time."
"The ability to respond and automate at this hyper-level is a game changer and made a real difference in people's lives," says Thomas Zernick, President, SBA Lending Division of at First Home Bank. "We are closing in on saving around 85,000 jobs and $770 million (US) in loans secured, with 99 percent of loans being processed on the day of application. We are also using the technology to automate upstream and downstream activities like application validation and loan closures, respectively. As a next step we are working on automating the loan forgiveness process."
Three Clicks to Your Digital Workforce
Blue Prism continues to tap into the R&D efforts of the world's most innovative companies. The company's Digital Exchange (DX) is an intelligent automation "app store" that brings together some of the most disruptive and groundbreaking intelligent automation capabilities on the planet. This online community now includes more than 80 Technology Alliance Program (TAP) partners, who collaborate, develop, and share intelligent automation capabilities by uploading them to the DX. These new capabilities can be added with just three mouse clicks into Blue Prism's Digital Workforce—no coding required. It opens up a vibrant ecosystem of partners providing access to automation processes and functions, connectors, and AI skills while still maintaining the highest levels of security.
Intelligent Automation Delivered Your Way
Blue Prism customers and prospects are moving to the cloud, and they want an automation platform that is cloud-ready and that offers flexibility, interoperability, and choices to accomplish everything they want to do in the cloud. Over the past six months the company has delivered on:
- Launching new capabilities from the acquisition of Thoughtonomy (now branded as Blue Prism Cloud) allowing all Blue Prism users to orchestrate and manage all automation operations more efficiently. The innovative suite of SaaS delivered products called Blue Prism Cloud Hub, Interact and IADA™ helps customers maximize productivity and increase return on investment.
- Bring Your Own License (BYOL) offering on Oracle Cloud Infrastructure – Blue Prism is pre-installed on an image for easy deployment on an Oracle Cloud Infrastructure Compute instance.
- Microsoft Form Recognizer API Skill on Blue Prism DX – Gives users the power to quickly add deep-learning algorithms, advanced machine learning, and key value pair extraction to any Blue Prism process to get more insights from unstructured data.
- Microsoft Power Platform Connector on Blue Prism DX – Joint users are now able to include Blue Prism processes into new or existing PowerApps and Microsoft Flow Business Processes.
- Integration with IBM Cloud Pak for Automation: Capabilities include business automation workflow (BPM and ACM), business decision automation, AI, machine learning and intelligent document processing in a single solution. Can be deployed on IBM public cloud, or on a cloud native reference architecture to run on any public cloud (Kubernetes capability).
- Blue Prism continues to expand its technical partnership with Amazon Web Services (AWS) with new native integrations for both Amazon Connect and Amazon Textract, joining existing native integrations with Amazon Rekognition, Amazon Translate, and Amazon Comprehend.
The combination of cloud partnerships, disparate native integrations, and flexible deployment options make Blue Prism a more intuitive and effective intelligent automation platform to help organizations accomplish digital transformation goals, migrate data, consume AI, and better manage cloud resources.
About Blue Prism
Blue Prism's vision is to provide a Digital Workforce for Every Enterprise. The company's purpose is to unleash the collaborative potential of humans, operating in harmony with a Digital Workforce, so every enterprise can exceed their business goals and drive meaningful growth, with unmatched speed and agility.
Fortune 500 and public-sector organizations, among customers across 70 commercial sectors, trust Blue Prism's enterprise-grade connected-RPA platform, which has users in more than 170 countries. By strategically applying intelligent automation, these organizations are creating new opportunities and services, while unlocking massive efficiencies that return millions of hours of work back into their business.
Available on-premises, in the cloud, hybrid, or as an integrated SaaS solution, Blue Prism's Digital Workforce automates ever more complex, end-to-end processes that drive a true digital transformation, collaboratively, at scale and across the entire enterprise.
Visit www.blueprism.com to learn more or follow Blue Prism on Twitter @blue_prism and on LinkedIn.
© 2020 Blue Prism Limited. "Blue Prism", "Thoughtonomy", the "Blue Prism" logo and Prism device are either trademarks or registered trademarks of Blue Prism Limited and its affiliates. All Rights Reserved.
SOURCE Blue Prism
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