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Automation Anywhere Is Profitable Before UiPath

by Ant Sh
Automation Anywhere Is Profitable Before UiPath

Automation Anywhere yesterday announced that its new generative AI-enhanced automation products, large enterprise customer deals and global sales execution have helped the company achieve profitability* ahead of plan. The vendor reported it delivered strong third quarter results and the dollar value of large deals increased by greater than 35% year on year.

In comparison, UiPath is prioritizing business expansion over profits. However, it’s also moving toward profitability, as illustrated by its shrinking net loss that dropped to $92 million in fiscal Q2 from $243 million last year.

“Today marks a significant milestone in our mission to provide the world’s best intelligent automation platform to our customers. I am extremely proud to announce that Automation Anywhere has reached profitability ahead of schedule on the strength of our new intelligent automation solutions powered by AI and Generative AI.

Third quarter results exceeded goals across our key metrics, with large deal growth as a robust signal that customers are increasingly adopting our platform for business transformation. Our GenAI-powered solutions and use cases contributed to 30% of the bookings, confirming that customers are looking for the powerful combination of AI and automation technologies to solve their complex challenges. The combination of strong revenue performance and disciplined cost control allowed us to reinvest in growth. Building an enduring ‘Rule of 40’ company is one of our goals and our financial results represent a tangible signal that we’re on the right track.”

Mihir Shukla, CEO and Co-founder of Automation Anywhere

*Automation Anywhere’s third quarter ended October 31, 2023. As a private company, Automation Anywhere does not disclose detailed financial information.