North West tech giant to raise £100m after doubling growth
North West tech giant Blue Prism Group intends to raise £100 million through the placing of new shares on the AIM market of the London Stock Exchange.
The Warrington firm, a global leader in Robotic Process Automation, also announced a 125 per cent increase in revenues for the financial year ending 31st October 2018.
RPA is technology which automates menial tasks that were traditionally carried out by humans - effectively 'artificial intelligence workers'.
Total revenues climbed to £55.2m from £24.5m while monthly recurring revenue doubled to £5.6m from £2.8m, which Blue Prism said demonstrated the strong new business run-rate during the year.
The group said the increase in its adjusted EBITDA losses to £21.6m (from £8.3m in 2017) was a result of investments in sales and marketing and to strengthen its proposition through continued product development.
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It credited the raising of £40m last January for the rapid growth and said it plans to invest any new funds raised immediately to “accelerate the group's global growth and further strengthen its balance sheet”.
"Over the last year we have made significant progress in scaling and developing our business to address the compelling market opportunity we see ahead,” said CEO Alastair Bathgate.
“We have continued to build a high quality, software licence revenue-base which provides a solid platform for future growth.
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“We continue to deliver strong revenue growth – supported by ongoing commercial momentum, product development and investment in our people – by helping both new and existing customers drive value with our transformative technology.
"The funds raised a year ago have enabled us to expand our global reach and reinforce our competitive advantage through exciting innovations like the Blue Prism Digital Exchange, our online marketplace.
“The proceeds raised via this placing will allow us to accelerate further, as we continue to invest in our people, product and processes to support the next stage of global growth… and seize this market opportunity."
Investec Bank is acting as financial adviser to the proposed placing.