Robotic process automation firm Automation Anywhere, today, announced that it is acquiring cloud computing company Fortress IQ. The company said that the acquisition will help advance its artificial intelligence (AI) powered Automation 360 platform, adding built-in intelligence that helps companies identify what processes can be automated.
“We share a vision to deliver and automate at scale, as well as share common values to help customers succeed on a trusted platform. This will change the industry, and I’m excited about what we can automate next,” said Pankaj Chowdry, chief executive officer and founder of FortressIQ. Mihir Shukla, CEO of Automation Anywhere said the acquisition will help the company “automate, adapt, and accelerate” digital transformation initiatives.
The need for automation has grown rapidly since the pandemic last year. In April 2021, Gartner predicted that hyperautomation, an approach used by businesses to identify, vet and automate processes, will touch $596.6 billion in 2022, up from $481.6 billion in 2020 and $532.4 billion in 2021.
“Today, organizations are focusing on improving cycle times and overall operating performance to ensure that inefficiency does not get in the way of successful transformation,” said Maureen Fleming, program vice president, Intelligent Process Automation Research at market research firm International Data Corporation (IDC).
In September, Bloomberg reported that Automation Anywhere is preparing to file for an initial public offering (IPO) later this year. The company, which is banked by Softbank’s Vision Fund, was said to be valued at $6.8 billion in 2019 when it raised a Series B round worth $290 million. SoftBank had invested $300 million in the American firm in 2018. It is also backed by Salesforce Ventures and Goldman Sachs.
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