Blue Prism founder steps down as CEO
Alastair Bathgate is to step down as Blue Prism CEO after 18 years.
The Warrington-based robotic process automation firm also plans to raise £100m in a share placing to strengthen its balance sheet amid the coronavirus pandemic.
Executive chair Jason Kingdon will become CEO on April 30th with Bathgate leaving the company’s board but will serve as an advisor.
"Whilst, after 18 extremely enjoyable years, I am sad to be stepping out of an executive role, I remain a fervent supporter and major shareholder of Blue Prism and will be cheering from the sidelines, as well as being available to advise and assist where needed," said Bathgate.
The issuance of 9.1 million shares will raise around £100m. They are available to new and existing shareholders, with Kingdon and Bathgate participating.
"The net proceeds of the placing will provide the company with additional balance sheet strength in case of prolonged disruption during the period of uncertainty relating to the COVID-19 pandemic, support the group's progress to cash flow break-even and enable the company to capitalise on potential near term and future market opportunities," Blue Prism stated.
Kingdon said: "The duration and impact of this pandemic are at this stage unknown, and as a result we are taking a number of considered actions to address our spending while aiming to preserve the core business and reinforce our differentiation, in preparation for the opportunities which will occur both in the short and longer term.
"The capital raised will improve balance sheet resilience and support our path to cash break even. We believe that Blue Prism's market opportunity remains significant and the board and I have the confidence that, with this support, we will be in a strong position to capitalise on this."