UK-based Thoughtonomy has been acquired by Blue Prism for £80 million, in a deal that brings more AI functionality to Blue Prism’s offering.
Blue Prism is known for robotic process automation, which essentially lets businesses move repetitive time consuming uncreative tasks from humans to machines. The company was founded in 2001 and has quickly made a name for its self in the robotic process automation sector. Blue Prism is traded on the London stock exchange under PRSM with a market cap of around £1.3 billion.
Founded in 2013 London-based Thoughtonomy provides automation service for an array of sectors such as financial, public and retail. They aim to provide a flexible automation platform that uses software to replicate human interaction with existing applications and systems. Its services are delivered through the cloud, so it requires no infrastructure spend or software development.
Alastair Bathgate, CEO of Blue Prism commented in a market statement that: “I am very pleased to announce this strategic acquisition; which provides Blue Prism with a turnkey SaaS product which combines the power of the connected-RPA with a fully integrated suite of premium quality AI and RPA capabilities, on demand.”
“The product is available to customers without the overhead of setting up a dedicated infrastructure and as a result is ideal in serving the mid-tier of the market. We believe that the cloud will grow in importance across our enterprise customer base, and this acquisition will also help further our development of enterprise-based cloud products.”
Blue Prism Acquires Thoughtonomy
The acquisition is expected to close by the end of July and according to a Blue Prism statement to the market the company expects to spend £80 million on acquiring Thoughtonomy. This will take the form of £63 million in equity and up to £17 million in cash.
Blue Prism believes that the acquisition of Thoughtonomy will give them a stronger foothold in the market and broaden its connected-RPA platform via turnkey SaaS capabilities.
Terry Walby, CEO and Founder of Thoughtonomy commented: “We’ve been working with Blue Prism since our foundation in 2013, and we’ve built out our unique SaaS and intelligent automation capabilities to leverage their best in class RPA software,” says “Together as leaders we plan to broaden and simplify access to the most advanced digital workforce capabilities on the planet.”