Robotics software firm looks to raise £100m with market placing

A firm which specialises in robotics software has announced it is to raise £100m with a Stock Market placing.

Warrington based Blue Prism, which is listed on AIM, is a global leader in robotic process automation.

The firm said it raising the cash to accelerate the group’s global growth and further strengthen its balance sheet.

Investec Bank is acting as financial adviser, nominated adviser, sole broker and sole bookrunner in connection with the Placing.

The firm said the market continues to experience rapid global growth alongside increasing levels of customer adoption and sophistication.

Blue Prism said it is looking to capitalise on the market opportunity available by accelerating its investments in distribution, its product and platform whilst maintaining its thought leadership in the RPA market.

The company said it sees an expanding global opportunity for its software with revenue growth for the financial year ending 31 October 2018 of 96%.

Blue Prism currently has offices in nine countries to support this global demand.

The growth is being driven from both new customers, with 528 customers added during FY18, and from upsells, where existing customers purchase new licences to expand their digital workforce.

Blue Prism sees potential to open offices in areas such as the Middle East and Scandinavia, where there has been a growing take-up of the group’s software, as well as additional locations in the Americas and Asia.

Around half of the net proceeds of the placing will be used to underwrite the firm’s global growth activities and product development.

The balance will be used to further strengthen the group’s balance sheet and provide Blue Prism with the financial flexibility to address new opportunities as they emerge.

Blue Prism also released its full year results.

Revenue increased 125%, as strong sales and upsells during the year built on the exit licence revenue generated in the financial year.

The firm made investments in sales and marketing and to strengthen its proposition through continued product development.

Adjusted EBITDA losses increased to £21.6m from £8.3m as a result of these investments and an increase in sales commission driven by a strong fourth quarter.

The operating loss before share-based payments and foreign exchange movements was £21.9m.

The reported operating loss after share-based payments and foreign exchange movements was £26m.

Chief executive Alastair Bathgate said: “I am delighted with the significant growth we have achieved in our 2018 financial year.

“We have continued to build a high quality, software licence revenue-base which provides a solid platform for future growth.

“I am particularly pleased that our loyal customers continue to expand their licence footprint in strategic ways that add enormous value to their business, continually proving that Blue Prism, alongside our valued partners, genuinely scales.”