GenAI offerings boost third quarter results for Automation Anywhere

Mihir Shukla / Automation Anywhere CEO & Co-Founder

Automation Anywhere (AA) has announced its third quarter FY24 results, ending October 31, 2023.

The company reported strong third-quarter results, driven by new GenAI-enhanced automation projects, big enterprise customer deals and global sales. Additionally, AA reported that the dollar value of large deals increased by greater than 35 percent year-on-year (YoY), keeping the company ahead of its profitability plan.

Large deals over $100,000 in annualized value contributed more than 50 percent of the bookings in the quarter.

Mihir Shukla, CEO and co-founder of Automation Anywhere, said: “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 percent 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.

“We are in a once-in-a-generation opportunity to reimagine every aspect of a company’s business operations, where all departments and functions will benefit from automation and generative AI. We’re seeing clear signals that intelligent automation solutions are one of the best ways to deploy AI safely and securely in organizations and achieve significant ROI quickly.”

Automation Anywhere’s robust performance was led by strong bookings in North America, APJ, India and Middle East regions.

Maureen Fleming, AI and automation research vice president at IDC, said: “Improving productivity is a top area of focus for organizations adopting GenAI and a major driver in the rapid and accelerating investments in this technology.

“The convergence of cloud, automation and GenAI to deliver advanced capabilities aimed at efficiency and productivity will drive performance in organizations – and growth for the providers of these converged services.”

In September, AA announced an expansion of its GenAI-powered automation platform which features a new Responsible AI Layer at the core of its platform. In addition to this, the company also announced four GenAI-powered automation products including Autopilot, which enables the fast development of end-to-end automations using GenAI.

The new products allow organizations to automate more complex processes and end-to-end business workflows and accelerate their results and ROI.