Robotic process automation company secures £2 million financing
Blue Prism, a North West software company specialising in robotic process automation, has secured a £2 million credit facility from Clydesdale and Yorkshire Banks.
Robotic process automation is software which automates manual, rules-based, back office administrative processes.
The software provides ‘virtual workforces’ to customers and improves efficiency and accuracy particularly when handling large, time-consuming and repetitive tasks.
Blue Prism, which has offices between Manchester and Liverpool, also has bases in London, Miami and Chicago.
The company intends to consolidate and increase its presence in the US, and continue with its plans for further international expansion, as demand for robotic process automation increases.
The deal was led by Stephen Fahy, a senior director in Clydesdale and Yorkshire Banks’ Growth Finance team. Fahy said: “Blue Prism is a fantastic example of a UK business which is leading the way in the global enterprise software market. It’s software robots are already used by some of the world’s leading brands.
“The management team has set out an ambitious expansion plan and is expecting demand to continue to grow for its innovative Robotic Process Automation products. Our Growth Finance team is proud to back Blue Prism and we look forward to working with the company over the coming years.”
Gary Johnson, Chief Financial Officer at Blue Prism, added: “As the company grows, we need to have increased flexibility in our finances. The people at Clydesdale Bank not only quickly understood our needs, but also worked rapidly and professionally towards completion.”
This deal for Blue Prism is the third the team has completed in the last two months, following a £5 million funding package provided to wireless semiconductor specialist Toumaz and a £2.5 million funding package provided to Relayware, a SaaS provider of partner relationship management software.