Blue Prism, a developer of enterprise robotic process automation (RPA) software, is to debut on the London Stock Exchange’s AIM market, making it the first developer of software robots to trade on public markets, according to the company.
Blue Prism says it grew 35 per cent last year and has deployments with more than 74 customers, including a number of the world’s largest banks, insurers, utilities, healthcare, telecommunications, service providers and other regulated industries.
The initial public offering (IPO) will allow Blue Prism to support its global growth plans and enhance its profile within the RPA marketplace, the company said.
“Today’s milestone follows a successful year for the company, and marks a shift in acceptance for software robots as a mainstream choice for the enterprise digital workforce,” said Alastair Bathgate, co-founder and CEO of Blue Prism.
“Software robots have been deployed successfully and strategically by large, blue chip organizations that have derived tremendous value from this new solution to the labor market, it’s not science fiction.”
First commercialized in 2008, Blue Prism’s software robots are trained to automate routine back-office clerical tasks. The company’s enterprise-grade software enables the automation of manual, rules-based, administrative processes to create a more agile, cost effective and accurate back-office.
The principal market opportunity for Blue Prism’s software robots lies within the increasing adoption of RPA by large enterprises with significant back-office operations, in applications like CRM, ERP, HR, billing, claims management, customer service, financial management and transaction processing.
As a self-described “pioneer” in the space, Blue Prism claims to have coined the term “robotic automation” in 2012 to describe software robots used to automate clerical processes in the business services industries and the company has been attempting to define product standards expected by large enterprise.
Blue Prism says it worked with its early customers to develop the commercial requirements for enterprise compliance, resilience, repeatability, scalability and security of RPA technology that are considered standards of today’s deployments. It is this “industrialization” process that has enabled the concept of software robots to be considered a mainstream labor alternative for enterprise back-office work, according to the company.