Revolutionizing Business: Automation Anywhere Soars with Breakthrough AI Agent and Surges Past Q2 Earnings Targets

Achieved non-GAAP operating profit for 4 consecutive quarters, with more than 70% of new and upsell bookings driven by AI-based automated solutions

SAN JOSE, Calif., Sept. 12, 2024 /PRNewswire/ — Automation Anywhere, a leader in AI-based automation, announced impressive second-quarter results, delivering four consecutive quarters of non-GAAP operating income and margin improvement. The company also experienced unprecedented customer demand for autonomous AI agents, as industry leaders quickly recognized the capabilities of autonomous AI agents and expanded their pipeline of opportunities.

“The evolving business landscape is driving unprecedented demand for AI-powered automation and autonomous AI agents to increase productivity, improve customer experiences and create significant economic value,” said Mihir Shukla, CEO and co-founder of Automation Anywhere. “This strategic shift is clearly reflected in our Q2 results, and the rapid adoption of our new systems highlights how enterprises are recognizing the value of autonomous AI agents to assist their workforce and quickly realize the ROI of their AI investments.”

In June, the company launched a new platform that allows AI to work with automation to deliver exponential results. AI + Automation Enterprise System was released. Imagine 2024, the offering is built on the company’s second-generation generative AI process model to accelerate the discovery, development and deployment of complex end-to-end AI process automation. It includes new autonomous AI agents that manage and assist with complex cognitive tasks and can automate more than ever across all systems in the enterprise. The new platform helps organizations achieve dramatic efficiency gains, reducing processes that previously took hours to minutes, and delivering 3X faster time to value and up to 10X greater business impact across workflows across customer service operations, finance, IT and HR. Now, enterprises can automate more, faster and more responsibly across all their core processes, with built-in security, compliance and governance capabilities.

Key Business Highlights

• Large transactions exceeding $200,000 increased 70% year-over-year
• Over 70% of new and upsell transactions are driven by AI-based automated customers
• Continued growth in multi-million dollar customers and strong performance in key geographies
• Since its product launch in June, it has achieved a record number of new product launches with enhanced momentum by concluding numerous AI agent customer transactions.
• Cash balance increased steadily

Additional highlights from Q2

• New generative AI capabilities make Document Automation one of the company’s fastest-growing product lines.
• A 12% increase in Customer Net Promoter Score (NPS) placed it in the top NPS rankings among SaaS companies, highlighting significant customer loyalty gains and positioning Automation Anywhere as an industry leader in helping customers plan their automation strategies, measure and achieve their ROI goals, and drive continuous improvement to ensure the value of automation is reflected in their bottom line.
• The company reported that its enterprise customers have consistently achieved license utilization rates of over 75%, which has resulted in significant value creation for the company, putting the company in the top tier of SaaS industry performance distributions.

Q2 Announcement Highlights

• Gartner says Automation Anywhere has been named a leader in the automation space for six consecutive years. Automation Anywhere was named a leader for its completeness of vision and ability to execute.
• Automation Anywhere is the company’s new AI + Automation enterprise system featuring second-generation generative AI process models and AI agents for complex cognitive tasks. It was revealed. The system includes AI Agent Studio for building custom autonomous AI agents, Automator AI with generative recorder and enhanced autopilot, enhanced Document Automation, Conversational Automation Co-Pilot integrated with Amazon Q.
• The company has expanded its partnership with Microsoft by integrating Azure OpenAI services into the company’s AI+ Automation enterprise system, building enterprise AI agents for complex automation use cases and enhancing document processing capabilities.
• Jeff Tworec, an experienced technical sales executive, joins Automation Anywhere as Chief Sales Officer. It focused on driving continued growth amid the AI-based automation boom, which led to the appointment of Tim McDonough as Chief Marketing Officer in April.

Automation Anywhere’s second quarter ended July 31, 2024. As a privately held company, Automation Anywhere does not disclose detailed financial information.

About Automation Anywhere

Automation Anywhere is a leader in AI-driven process automation that empowers organizations to drive productivity, drive innovation, improve customer service, and accelerate business growth. The company’s AI + Automation enterprise system is powered by specialized AI and autonomous AI agents, delivering process discovery, end-to-end process orchestration, document processing, and analytics—all with a security- and governance-first approach. Driven by a vision to power the future of work, Automation Anywhere is committed to unlocking human potential through AI-driven automation. Learn more at www.automationanywhere.com