Blue Prism acquires UK’s Thoughtonomy for up to $100M to expand its RPA platform with more AI

TechCrunch | 6/19/2019 | Staff
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Robotic process automation — which lets organizations shift repetitive back office tasks to machines to complete — has been a hot area of growth in the world of enterprise IT, and now one of the companies that’s making waves in the area has acquired a smaller startup to continue extending its capabilities.

Blue Prism, which helped coin the term RPA when it was founded back in 2001, has announced that it is buying Thoughtonomy, which has built a cloud-based AI engine that delivers RPA-based solutions on an SaaS framework. Blue Prism is publicly traded on the London Stock Exchange — where its market cap is around £1.3 billion ($1.6 billion) and in a statement to the market alongside its half-year earnings, it said it would be paying up to £80 million ($100 million) for the firm.

Deal - Combination - Cash - Stock - £12

The deal is coming in a combination of cash and stock: £12.5 million payable on completion of the deal, £23 million in shares payable on completion of the deal, up to £20 million payable a year after the deal closes; up to £4.5 million in cash after 18 months, and a final £20 million on the second anniversary of the deal closing, in shares. Thoughtonomy had never raised outside funding, although that was not for lack of interest:

“We’ve had approaches on a daily basis since the intelligent automation market has exploded,” said Terry Walby, CEO and founder of Thoughtonomy, in an interview, “but getting the best outcome for the company and our customers is not just about taking money and headlines [touting] our valuation.”

Acquisition - Months - Blue - Prism - £100

The acquisition comes about six months after Blue Prism announced that it would be raising around $130 million (£100 million) to continue growing at...
(Excerpt) Read more at: TechCrunch
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