The company was not growing particularly quickly for its level of unprofitability, despite making progress in stemming red ink. “Combining with Vista and Tibco will ensure we remain at the forefront of the next generation of intelligent automation: We can expand the range of products we offer our customers, with Tibco’s global footprint and technologies and, as a privately owned company, we will also have greater access to capital to pursue new growth opportunities via product investment and other potential M&A,” Kingdon said in a statement.
Jason Kingdon, chairman and CEO at Blue Prism, sees this as the best path to put it on more solid footing. One of those options was a sale, which it decided was the best approach for the company. “The Blue Prism Board has considered a range of strategic options given the strategic and operational headwinds facing the company, the significant risks in execution and the shareholder consultation feedback,” the company said in the filing. While it’s unclear why it used that financial mechanism, the end result is the private equity group is buying Blue Prism and folding it into another Vista property, Tibco, which the firm acquired in 2014 for $4.3 billion.īlue Prism, by its own admission in the filing, was facing tough times and has been exploring its options since its annual general meeting last March.
It’s a complex deal in which Vista set up an entity called Bali Bidco Limited - which, according to the filing, is indirectly owned by Vista Funds - to make the purchase on its behalf. While we have seen a lot of RPA startups being acquired by larger vendors over the last year, this is the first deal involving one of the top three vendors in the space. The robotic process automation (RPA) market has been red hot over the last year, and one of the market’s pioneers, Blue Prism, was sold to Vista Equity Partners for £1.095 billion ($1.5 billion USD), according to a filing in Great Britain this morning.
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