Automation Anywhere, the SoftBank-backed US software company, is getting ready for a potential listing as it puts in place corporate governance structures required for a publicly-traded company, its co-founder said.
"We are placing a robust governance structure to ensure we are ready to go public anytime," Ankur Kothari, co-founder and chief revenue officer of the San Jose-headquartered firm, told The National in an interview.
“As a company, we want to ensure we are absolutely ready whenever we decide [to go public]. We are already operating with a discipline of a public company … putting all infrastructure, leadership and fire power,” Mr Kothari said without specifying the timing, potential size of the deal or the listing destination.
Founded in 2003, Automation Anywhere was valued at $2.8 billion (Dh10.3bn) after a Series A funding round last year. The company, which develops robotic process automation software, raised $550 million from investors including Goldman Sachs, SoftBank, General Atlantic, New Enterprise Associates and World Innovation Labs.
The firm used part of the funding to improve its scientific prowess and expand its footprint into new markets, said Mr Kothari.
“We used it to drive more towards AI [artificial intelligence] bots and for setting up our permanent base in new markets such as the Middle East.”
It plans to use some of the capital for acquisitions as well, said Mr Kothari. “We are looking at creating an ecosystem which is much bigger and allows us to grow wider … connecting with more customers … serving them through automation.”
Automation Anywhere's software-powered bots, which also work in the Arabic language, perform repetitive mundane tasks such as data entry or customer response to free up human employees to tackle more creative work, which the company says can boost productivity and save time.
From its Dubai office, the company seeks to capitalise on growing regional demand and governments' adoption of AI technology.
Digital transformation continues to gain traction in the region, backed by “several government mandates that are fuelling the growth”, said Mr Kothari.
After seeing “an inflection point in our regional business last year, we decided to set up our permanent physical presence in Dubai. There is a huge demand … we have over 40 employees [in Dubai] and we will double the number in next few months.”
The company, however, is also focusing attention on Saudi Arabia — the biggest Arab economy.
It predicts a huge uptake of its products in large government and private enterprises, especially in banking, financial services, healthcare and insurance.
It plans to grow its business in the region where it serves clients such as Emirates NBD and Dubai Asset Management through a mix of direct dealings and use of channel partners.
“We will have 30 to 50 partners only for the Middle East to serve local customers. Although we are in our early days this region will become an important part of our revenue stream,” said Mr Kothari.
“We are targeting up to 300 per cent to 400 per cent yearly growth in Middle East revenue for at least next two to three years,” he added without specifying the number.
Automation Anywhere’s customers include more than 85 per cent of the world’s top banks and financial services companies and 90 per cent of the world’s top healthcare companies. The company expects to deliver three million bots by next year, it said.
The company has more than 2,800 customers globally and nearly 50 of them are based in the UAE. It plans to increase the number of clients in the region to a "few hundred" in about a year’s time, he said.
"To start with, we will focus only on large and mid-sized enterprises,” he noted.
Results:
Men's wheelchair 800m T34: 1. Walid Ktila (TUN) 1.44.79; 2. Mohammed Al Hammadi (UAE) 1.45.88; 3. Isaac Towers (GBR) 1.46.46.
SPECS
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More from Neighbourhood Watch:
ICC Women's T20 World Cup Asia Qualifier 2025, Thailand
UAE fixtures
May 9, v Malaysia
May 10, v Qatar
May 13, v Malaysia
May 15, v Qatar
May 18 and 19, semi-finals
May 20, final
Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
Mrs%20Chatterjee%20Vs%20Norway
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More from Mohammed Alardhi
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
RESULTS
6.30pm UAE 1000 Guineas Trial Conditions (TB) US$100,000 (Dirt) 1,400m
Winner Final Song, Christophe Soumillon (jockey), Saeed bin Suroor (trainer).
7.05pm Handicap (TB) $135,000 (Turf) 1,000m
Winner Almanaara, Dane O’Neill, Doug Watson.
7.40pm Handicap (TB) $175,000 (D) 1,900m
Winner Grand Argentier, Brett Doyle, Doug Watson.
8.15pm Meydan Challenge Listed Handicap (TB) $175,000 (T) 1,400m
Winner Major Partnership, Patrick Cosgrave, Saeed bin Suroor.
8.50pm Dubai Stakes Group 3 (TB) $200,000 (D) 1,200m
Winner Gladiator King, Mickael Barzalona, Satish Seemar.
9.25pm Dubai Racing Club Classic Listed Handicap (TB) $175,000 (T) 2,410m
Winner Universal Order, Richard Mullen, David Simcock.
What can you do?
Document everything immediately; including dates, times, locations and witnesses
Seek professional advice from a legal expert
You can report an incident to HR or an immediate supervisor
You can use the Ministry of Human Resources and Emiratisation’s dedicated hotline
In criminal cases, you can contact the police for additional support
About Takalam
Date started: early 2020
Founders: Khawla Hammad and Inas Abu Shashieh
Based: Abu Dhabi
Sector: HealthTech and wellness
Number of staff: 4
Funding to date: Bootstrapped
The specs: 2018 Peugeot 5008
Price, base / as tested: Dh99,900 / Dh134,900
Engine: 1.6-litre turbocharged four-cylinder
Transmission: Six-speed automatic
Power: 165hp @ 6,000rpm
Torque: 240Nm @ 1,400rpm
Fuel economy, combined: 5.8L / 100km
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Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
Semi-final fixtures
Portugal v Chile, 7pm, today
Germany v Mexico, 7pm, tomorrow
