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Automation Anywhere acquires cloud computing firm FortressIQ

Robotic process automation firm Automation Anywhere announced today that it will acquire cloud computing company Fortress IQ. The company said the acquisition will help advance its artificial intelligence (AI) powered by artificial intelligence (AI), adding built-in intelligence that helps companies identify processes that can be automated.

 “We share a vision of delivery and automation at scale, as well as sharing common values to help customers succeed on a trusted platform. This will transform the industry and I am excited about what we can automate next,” said Pankaj Choudhury, CEO and founder of FortressIQ. Mihir Shukla, CEO of Automation Anywhere, said the acquisition will help the company "automate, adapt and accelerate" its digital transformation initiatives.

The need for automation has grown rapidly since last year's pandemic. In April 2021, Gartner predicted that super-automation, an approach companies use to identify, examine and automate processes, would reach $596.6 billion in 2022, up from $481.6 billion in 2020 and $532.4 billion in 2021.

“Organizations today are focused on improving cycle times and overall operational performance to ensure that inefficiency does not get of successful transformation,” said Maureen Fleming, program vice president, intelligent Process Automation Research at market research firm International Data Corporation (IDC). 

In September, Bloomberg reported that Automation Anywhere is preparing to file an initial public offering (IPO) later this year. The company, which is banked by Softbank's Vision Fund, was said to be worth $6.8 billion in 2019 when it raised a $290 million Series B round. SoftBank invested $300 million in the US company in 2018. It is also backed by Salesforce Ventures and Goldman Sachs.

Also Read: Kotak Mahindra Bank gains as arm acquires passenger vehicle financing portfolio of Ford Credit

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