There are more than a 1,000 organisations worldwide now using the robotic process automation (RPA) software designed by emerging UK stock market darling Blue Prism (PRSM:AIM).
The breakthrough was slipped out on the company’s website yesterday (16 August) but it will have been missed by many investors because nothing was said on the official stock market news wire. The stock market generally frowns on these sort of announcements going out over its regulatory news service (RNS), with many observers seeing them as corporate puff.
Blue Prism is a virtual workforce disruptor which uses RPA technology to automate manual back-office administration. This cuts costs for clients, improves customer service and speed and reduces the need to invest in new IT systems.
The market for RPA started just 10 years ago and has matured from educating customers as to what the software can do, to scaling its capability and now moves onto increasing the intelligence of what can be achieved from a future virtual workforce.
GROWTH FROM ALL DIRECTIONS
This is another metric to add to a lengthening list that clearly demonstrates the rapid growth Blue Prism is enjoying. From almost nowhere (the company only floated a little over two years ago) the company is now supplying 55,000 registered users across 42 industries in 52 countries worldwide.
In the first half of the current financial year (to 31 October 2018) the company closed 559 software deals, adding 223 new customers to its roster which resulted in a 145% increase in overall revenues. Importantly for investors, 93% of those revenues are of a recurring, repeat nature, which gives huge visibility into future trading periods.
At this run rate we’re on track to hit £52.8m of revenue for the full year, which is just about where current market forecasts are pitched (no coincidence there). Last year it reported £24.5m, and that was up from £9.64m in 2016.
Blue Prism just can’t stop growing.
‘There is no sign of things slowing down anytime soon as intelligent automation gets deployed much more strategically within organisations and continues to replace traditional business process services operating models,’ says Marc Hardwick, an analyst at respected technology website TechMarketView.
Blue Prism shares are roughly flat today at £19.34 having rallied 54% year to date. They joined the stock market originally in 2016 at 78p.
