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This document has no contractual value and is not and should not be construed as investment advice or as an offer or
the solicitation of an offer or a recommendation for the purchase or sale of any investment in any jurisdiction. Avendus
Capital Inc. and its affiliates and group companies (“Avendus”) makes no guarantee, representation or warranty and
accepts no responsibility or liability for the accuracy or completeness of the information and/or opinions contained in this
document, including any third party information obtained from sources it believes to be reliable but which has not been
independently verified. In no event will Avendus be liable for any damages, losses or liabilities including without limitation,
direct or indirect, special, incidental, consequential damages, losses or liabilities, in connection with your use of this
document or your reliance on or use or inability to use the information contained in this document, even if you advise us
of the possibility of such damages, losses or expenses. Avendus does not undertake any obligation to issue any further
publications or update the contents of this document. The information stated and/or opinion(s) expressed herein are
expressed solely as general market commentary for general information purposes only and do not constitute investment
advice or recommendation to buy or sell investments or guarantee of returns. Avendus does not have regard to specific
investment objectives, financial situation and the particular needs of any specific person who may receive this document.
The information contained within this document has not been reviewed in the light of your personal circumstances.
Please note that this information is neither intended to aid in decision making for legal, financial or other consulting
questions, nor should it be the basis of any investment or other decisions. You should carefully consider whether any
investment views and investment products are appropriate in view of your investment experience, objectives, financial
resources and relevant circumstances.
3
» Artificial Intelligence (AI) software performs complex tasks of learning and
cognition. This characteristic makes AI a particularly unique technology from
the perspective of business models and value creation, as it simulates (and
can often exceed) human performance.
» The projected value of M&A and Private Placement transactions in AI, over
the next 5 years, will exceed that of the previous 50 years, with several
acquisitions topping the USD 1 Bn mark
PATH TO AI
Techniques: Machine Learning, Deep
Learning, Natural Language Processing (NLP), Machine Vision,
Expert Systems etc.
Narrow Artificial Intelligence
Artificial General Intelligence
Artificial Super Intelligence
Complexity / Intelligence
Source: Avendus estimates, Woodside Capital : Artificial Intelligence – The Ultimate Technological Disruption Ascends
» We currently live in a world where narrow AI has met or exceeded human capabilities at specific tasks
» The current instances of these technologies are task-specific and brittle
» For example, Deep Blue is the best chess player in the world, but it is not also the best checkers player in the
world
» Avendus views Robotic Process Automation (RPA) as a form of narrow AI
Intelligence In A Specific
Narrow FieldAcross The Board Human
Level Intelligence
Exceeds Average Human
Intelligence
4
» Artificial Intelligence has been an all-purpose term that has been used since the 1950s; However, AI has remained
a distant dream until now.
» AI research seems to be coming out of a period of “AI Winter”
» A number of trends have quietly progressed to a critical mass and are ready to herald a new dawn of an AI fueled
future. Examples below
Artificial Intelligence
Inexpensive Parallel
Processing
Explosion of Data
TECHNOLOGICAL FACTORS
Artificial Intelligence
Increased Demand for “Speed &
Automation”
Increased Investment /
M&A
MARKET FACTORS
WHEN WILL HUMAN-LEVEL MACHINE INTELLIGENCE BE ATTAINED?*
Probability Of Occurrence 10% 50% 90%
Philosophy & Theory of AI 2023 2048 2080
Artificial General Intelligence 2022 2040 2065
Greek Association of Artificial Intelligence 2020 2050 2093
TOP100 Poll 2024 2050 2070
Combined 2022 2040 2075
Source: Avendus estimates, Woodside Capital : Artificial Intelligence – The Ultimate Technological Disruption Ascends
* Superintelligence – Paths, Dangers, Strategies by Nick Bostrom
5
Deep Learning, 42%
Machine Learning, 21%
NLP, 16%
Machine Vision,10%
Artificial Super Intelligence,
11%
2020 PROJECTED REVENUE SHARE BY TECHNOLOGY
Deep Learning* is projected to have the fastest growth within AI and will garner the largest portion of total AI revenue
PROJECTED REVENUE OF ARTIFICIAL INTELLIGENCE
COMPANIES
Medical Diagnostics,
21%
Search, 20%
Sales & Marketing, 18%
Autonomous Vehicles,
8%
Law, 7%
Cybersecurity, 6%
Other, 20%
2020 PROJECTED REVENUE SHARE BY VERTICAL
126
260 354
482
656
892
1,241
1,653
2,249
3,061
-
500
1,000
1,500
2,000
2,500
3,000
3,500
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
In USD Mn
Source: Avendus estimates, CB Insights, Tractica Global Market Analysis and Forecasts
* Deep learning is a field in AI that has networks which are capable of learning unsupervised from data that is unstructured or unlabeled
6
Source: Avendus estimates, Woodside Capital : Artificial Intelligence – The Ultimate Technological Disruption Ascends
Superintelligence – Paths, Dangers, Strategies by Nick Bostrom
Major players
Specialized Players (~3,000 Companies)
Technology stack (hardware, cloud, etc.)Non-Traditional
Systems Integrators
Hardware Open Source
7
AI ANNUAL GLOBAL FINANCING HISTORY
588
1,025
2,654
3,123
4,968
156
248
355
481
635
0
100
200
300
400
500
600
700
-
1,000
2,000
3,000
4,000
5,000
6,000
2012 2013 2014 2015 2016*
Disclosed Funding
Deals
» AI industry has received USD 11.5 Bn+ of investments in the last three years
» Over USD 6 Bn+ of VC investments are expected in 2017
» Most active VC funds in the space currently are: Data Collective, Khosla Ventures, Intel Capital, New
Enterprise Associate, Google Ventures & Bloomberg Beta
Source: Avendus estimates, CB Insights
* 2016 = YTD 2016 (12/20/2016)
In USD Mn
8Source: Avendus estimates, Free web
Turi
(Aug-16)
Tuplejump
(May-16)
Emotient
(Jan-16)
Perceptio
(Oct-15)
VocalIQ
(Oct-15)
Wit.AI
(Jan-15)
Face.com
(Jun-12)
FacioMetrics
(Nov-16)
Blekko
(Mar-15)
AlchemyAPI
(Mar-15)
Cognea
(May-14)
Explorys
(Apr-15)
Movidius
(Sep-16)
Nervana Systems
(Aug-16)
Itseez
(May-16)
Saffron Technology
(Oct-15)
Intelligent Dialogue
(May-13)
MetaMind
(Apr-16)
TappingStone
(Feb-16)
Tempo AI
(May-15)
MinHash
(Dec-15)
Api.ai
(Sep-16)
Moodstocks
(Jul-16)
Timeful
(May-15)
Granata Decision
(Jan-15)
Jetpac
(Aug-14)
Emu
(Aug-14)
Deepmind
(Jan-14)
DNNresearch
(Mar-13)
Clever Sense
(Dec-11)
Modaclic
(Sep-14)
Vision Factory AI
(Oct-14)
Dark Blue Labs
(Oct-14)
9
Source: Avendus estimates, Free web
10
OTHER ACTIVE INVESTORS REPRESENTATIVE STRATEGIC BUYERS
Source: Avendus estimates, Free web
11
12
» Robotic Process Automation (RPA) uses computer
software to process and automate routine, standardized
tasks in support of an, organization’s knowledge
workers
» This technology has been developing rapidly in recent
years and, according to research company Horses for
Sources, “approached viral levels of acceptance during
2015”
» RPA is an automated, virtual workforce that mimics
human interaction with other software or IT platforms
» Almost any typical rules-based process – such as
inputting data – can be automated which generates time
and cost savings of 80%+
» RPA is different from “traditional” automation, such as
self-serve platforms, in that software robots interpret the
user interface of third party applications and are
configured to execute steps identically to a human user
» They can be configured (or “trained”) flexibly to work
across any existing platform, using demonstrative steps,
rather than being programmed to perform one specific
task. RPA is complementary to existing automation
initiatives
Source: Arvato UK – Driving transformation through automation in public sector
13
» For example, if an employee was to process the setting up of a direct debit, it would usually involve opening a
document management system and a finance system and then taking data from one and manually inputting it into
the other. Upon completion, the task would need a quality check, to make sure there have been no mistakes, before
a report is produced
» RPA can be used to perform exactly the same tasks without human intervention, with greater speed and accuracy
Source: Arvato UK – Driving transformation through automation in public sector
RPA COST COMPARISON
14
Source: IRPA presentation, Avendus research
Task Automation Process Automation Decision Automation Holistic Automation
» Runbook scripting
» Job scheduling
» Workload automation
» Desktop automation
» Screen scraping
» Process orchestration
» Robotic process
automation
» Autonomics
» Cognitive systems
» Instant plug & play
» True AI
» Comprehensive infrastructure operation solutions
» Reduce FTE effort » Automate process
enabling; efficient and
more productive use of
FTEs
» Mimicking human
intelligence to facilitate
business decisions,
operations and solve
problems
» Next generation innovative technology one click
automated systems that are complete and
integrated
RPA
Limited Automation
Robotic Process
AutomationAutonomics
End-to-end Robots
Artificial Intelligence
Humans with
tools
Humans
augmented
by Robots
Robots
augmented
by Humans
Robots with
Human
oversight
Fully Automated
with no humans
15
Source: IRPA presentation, Avendus research
Limited AutomationRobotic Process
AutomationAutonomics Platform Cognitive Computing Artificial Intelligence
Platform
Learning Manual Execution Algorithmic Reasoning Knows
Performance
of ActivitiesAd-hoc Automated Adaptive Aware Alive
Processes
Events Trigger-based Command-based Rule-based Experience-based Knowledge-based
Use of
LanguageUnstructured Structured
Standard Language
(programming)
Natural Language
(English)Colloquial Language
Types of
ProcessesUndefined Defined Repeatable Managed Proactive
Information
Data Storage Non-standard Standard Structured PatternedFree-Form
(Unstructured)
Use of Data Data MiningBusiness
IntelligenceReal-time Analytics Predictive Analytics Creative Analytics
Workforce
Movement of
DataSynthesize Analyse Apply Comprehend Create Knowledge
Management
CapabilitiesRespond Control Manage Infer / Deduce Predict
Labour Pool Human, with tools
Humans,
Augmented by
Robots
Robots, with Human
Exception Handling
End-to-End Robots,
with Human
Oversight
Fully Automated, with
no Human
Intervention
16
Standardize unstructured data to structured form
Perform validation of data
Access account database
Create transaction document
Upload document to repository
Process to
Submit
Premiums
Before After
» Robot was used to automate the most onerous steps in the process of creating and submitting London Premium
Advice Notes (LPANs) to a central insurance market repository
» Prior to the introduction of the robot, processing a batch of 500 LPANs took several days. After robot was trained
to automate part of the process, the processing time was reduced to around 30 minutes, with a negligible error
rate
Source: Avendus Estimates, Deloitte
17
» RPA offers greater accuracy as humans tend to make errors; the situation is
even more pronounced with mundane tasks where it’s easy to lose concentration
» RPA can perform the same task, the same way, every time, without error or a slowdown
in processing time, and can easily be up-scaled
Greater Accuracy
» RPA can process large volumes of work quickly and efficiently
» The scalability of the software also makes it ideal where there is a sudden peak in
demand
Time & Cost Savings
» RPA sits on top of any newly implemented or legacy systems and works across them,
hence implementation can be relatively quick
» Introducing RPA typically doesn’t require making changes to existing tech architecture
Speed of Deployment
» RPA implementation is as much about process as it is about technology
» A typical RPA deployment involves around “80% process mapping and 20% technical
work”1
Employee Satisfaction
Source: Avendus Estimates, Deloitte, 1 Arvato UK
18
Ideal Tasks or
Procedures
Areas Most
Suitable for RPA
Scenarios for RPA
deployment
» Customer service, HR, logistics, support, operations, order processing, fraud /
compliance
» Large customer oriented organizations e.g. banks, utilities, telecoms, BPOs,
healthcare, travel and retail
» Structured, rule-based, repeatable tasks
» Searching, collating or updating information
» Accessing one or more systems to complete a process
» Performing simple or complex decisions or algorithms
» Highly regulated industries – banking, financial services, healthcare
» Fluctuating volumes – seasonality, new client transactions
» Facility or workforce transactions
Source: Avendus Estimates, Arvato UK
19
North America,
54%
EMEA1,24%
UK, 10%
APAC, 10%
Others,2%
69%
22%
9%
28%
13%
10%9%
3%
3%
3%
3%
3%
3%
22%
IT RPA Market Revenue Worldwide 2012-2020 2016 RPA Solutions Deployed Worldwide
RPA Buyer By Size RPA Buyers By Geography
Other
247
(2015)
247
(2015)
Large
enterprises(3)
Mid-size
companies(2)
SMEs(1)
100 150 250 400 750
1,200
1,950
3,100
4,900
2012 2013 2014 2015 2016 2017 2018 2019 2020
In USD Mn
Notes:(1) Revenue < $1bn(2) Revenue between $1bn and $5bn(3) Revenue > $5bn(4) Apart from UK
Source: Everest Group, Statista, Capgemini study 2016, Avendus research
20Source: Everest Group research, Avendus research
F&A Procurement HR Contact Centre
Industry specific process
Illustrative processes with higher
potential
Banking &
Financial
Services
» Cards activation
» Frauds claims
discovery
Insurance
» Claims processing
» New business
preparation
Healthcare &
Pharma
» Reports
automation
» System
reconciliation
Manufacturing &
Retail
» Bills of material
generation
Hi-tech &
Telecom
» Service order
management
» Quality reporting
Travel &
Logistics
» Passenger
revenue
accounting
» Ticketing
Illustrative
Processes with
Higher Potential
» Accounts
receivable
» Account
payable
» General ledge
» Invoice
processing
» Requisition to
purchase
order
» Payroll,
» Hiring
candidate
management
» Customer
service
HighLow
Potential for RPA:
Regulated Industries with High Volume and Transactional Business Processes Offer the Most Potential
By Function
By V
ert
ica
l
21
Source: Everest Group research, Avendus research
BPS providersRPA technology
vendors
Multiple Software
Offerings including RPA
RPA specialist
integrators
Independent
approach
All top services competitors are
offering some form of RPA,
developed, deployed and
maintained in-house
Work directly with buyers for
implementation and support
Joint-
Venture
approach
The BPS providers are focused on developing their own proprietary tooling then augmenting with
partnerships; Accenture is focused on partnerships
The BPS service provider and the RPA technology vendor work together to create solutions and
take it to clients
Licensing
approach
The BPS service provider signs a licensing agreement with RPA technology vendor
The RPA specialist integrator enters into a licensing agreement with the RPA technology vendor
22
Source: Everest Group research, IRPA research, Avendus research
Company Software Go-to-Market Strategy Primary focus
» Partnered with BluePrism,
Automation Anywhere,
WorkFusion, IUPath, and
IPSoft
» Developed proprietary
cognitive platform,
“MyWizard”, for internal-use
only
» Utilize a pool of tools for
specific purposes – e.g.,
OCR, data extraction, auto
process documentation,
speech to text, etc.
» Embedding solutions in delivery model; not
licensing software – consulting led
engagements,
» Build Digital Centre of Excellence for clients
» Build and operate BPO, ITO, and ADM with
embedded SPA solutions
» Transaction-based pricing, inclusive of
software costs
» Focus on Autonomics and RPA, within BPO
» Applying Autonomics and Cognitive mainly in
ITO Use Cases with apparent use in Customer
Experience Use Cases as well
» Fortune 2000 companies
» Financial Services and
Telcos
» BPO and ITO
» No strategic partnerships
with 3rd party software
vendors
» Limited, ad-hoc 3rd vendor
relationships, based on
specific clients
» Developed proprietary
cognitive platform called
“Holmes”, which is only for
internal-use
» Embed Holmes as part of solution delivery,
based on Use Case
» No licensing of software
» Focusing on 4 primary industries and leading
with Holmes
» Focus on Cognitive based applications and
Use Cases – attempting to fill industry
segments with high value results and develop
utility based solutions for multiple segment
members
» Driving towards Automation-as-a-Service
» Fortune 2000 companies
» Financial Services,
Insurance, Retail, and
Manufacturing
» Complex Use Cases, to
include Customer
Experience Centres
(Virtual Agents), KYC,
Knowledge Management,
Self Driving Cars
23
Source: Everest Group research, IRPA research, Avendus research
Company Software Go-to-Market Strategy Primary focus
» No strategic partnerships
with 3rd party software
vendors
» Limited relationship with
Automation Anywhere and
BluePrism, based on
specific clients
» Proprietary tool: AssistEdge
(2013)
» Focused on automating the
Contact Center and
associated BPO activities
» Proprietary tool: “Mana”
(2016)
» With newer clients, they appear to be feeling
their way through various engagement models
that work, to include outcome based pricing
» No licensing of the software
» Careful not to focus on head count reduction,
as it would erode their mainstream staffing
business
» Fortune 2000 companies
Manufacturing, Banking,
and Retail
» RPA as a component of
BPO engagements, where
the cost of services
includes the
implementation of RPA in
order to meet cost and
SLA objectives
» No strategic partnerships
with 3rd party software
vendors
» Limited relationship with
BluePrism and IPSoft,
based on specific clients
» Proprietary technology
called “Ignio”, built and sold
through Digitate :
(www.digitate.com)
» Focused on ITO:
infrastructure support and
operations management
» No focus on BPO
» Ignio sold in the market by direct sales working
for Digitate, acting on leads from TCS. Moving
to channel marketing program where TCS
sales are also one of the channels
» Offering Ignio under a subscription model with
an on premise deployment behind the client
firewall
» Base license subscription fees, plus advance
components under a standard, advanced ,and
premium subscription
» Digitate is pushing to deploy under a SaaS
model but facing resistance
» Fortune 2000 companies
in Financial Services
» Focus of solutions
encompass networks,
physical / virtual servers,
storage, databases, OS’s,
planned support for
mainframes
» No focus on desktop
24
Source: Point of View “The 2016 RPA Premier League Table”
RPA today
» Growing trend towards use of RPA within back offices (particularly on-shore) and shared service centers
» Most vendors currently, focus on tactical solutions based on rules-based software algorithms versus more
sophisticated cognitive computing approaches such as deep machine learning
M&A Will Disrupt the Market » Leading tool providers as well as leading pure-play RPA integrators are likely to be consolidated in the next
couple of years
» In 2016, 50 companies involved in robotics and automation were sold involving transaction values
aggregating to over $19 billion
» Consolidation could lead to the growth of more proprietary tool providers and also allow for broader
functionalities
The Rise of Virtual Agents » Proliferation of virtual agents will lead to a fundamental change in the notion of service agents in turn leading
to a more holistic approach to automation
» Virtual agents will over time, offer broader capabilities such as analytics and integration thereby enable a
seamless customer journey underpinned by knowledge libraries, dynamic case management and Natural
language processing
Data is the New Currency » Currently, availability and curation of data is a central topic and a key challenge and hence, access to vast
amounts of data will become an differentiator
Path forward » Eventually, RPA will be able to work within an all-Cognitive environment wherein all intelligence would reside
in the cloud while robots can be rapidly deployed globally, drawing business rules from the cloud and using
machine learning to enhance the collective intelligence of the ecosystem
» Along with the shift towards Cognitive-computing, both the range of processes that can be automated as well
as the sophistication of those automations will dramatically increase
25
Robots will take our jobs
Robots can now think like
humans
BPOs are doomed
RPA will significantly reduce the
importance of your IT
Department
Robots are infallible
IT Trans-formation
BPMS
Out-sourcing
RPA
0
1
2
3
4
5
6
0 1 2 3 4 5Low Medium High
Lo
w
Med
ium
Hig
h
Speed & Predictability of Execution
Pro
cess D
isru
pti
on
» Studies have shown that working with robots increases productivity, rather than taking jobs
» As discussed earlier, we view RPA as a narrow form of AI, which is brittle and unable to “think” like humans, especially with respect to
unstructured data
» RPA tools add arrows to the BPO quiver that help drive client satisfaction
Source: Harvard Business Review, Avendus Estimates, Deloitte
26
» RPA tools add to the traditional process transformation options, rather than replacing them
» In fact, BPO providers could benefit greatly, and many are actively exploring (if not already using) RPA tools, either to lower
their cost of delivery, or to join new specialist service-providers in offering “robots-as-a-service”
» BPO firms that successfully integrate automation often seek to substantially improve their profit margins, even if revenue growth
slows
OUTSOURCING PROVIDERS ARE PARTICIPATING WITH 3 DIFFERENT APPROACHES
Approach BPM Service Provider RPA Technology Vendors
Independent Approach Develop, Deploy, and maintain in-house RPA
solutions
Work directly with buyers for implementation
and support
Joint Development Approach The outsourcing partner and RPA technology provider work together to create solutions and
take it to clients
Licensing Approach The outsourcing partner signs a licensing agreement with the RPA technology vendor
Source: NASSCOM / Everest Group – Seizing the RPA market opportunity
27Source: Sutherland Global, Avendus estimates
MOVE TO SMART BUSINESS MODEL
» Avendus believes that RPA will change how BPS work is done and priced. We expect to see more outcome-based pricing.
Traditionally service agreements have been linked to FTEs or transaction outcomes.
» However, it is important that service provider participate in the bigger picture like helping clients’ improve quality, customer
experience, revenue and profitability. We believe smart pricing models will improve profitability and competitiveness
MOVING UP THE VALUE CHAIN
» With the advancement of RPA, we strongly believe competing with just labor arbitrage is yesterday’s game
» With automation, BPS players will have the opportunity to automate repeatable tasks and participate in
client’s strategic business initiatives
AVENDUS’ ANALYSIS OF THE IMPACT ON REVENUE & PROFITABILITY
Status Quo Independent Joint Licensing
Revenue
Licensing Cost
R&D Cost
» Status Quo: In the long run BPS businesses will have to embrace RPA to stay competitive and provide the customer with i)
increased cost savings ii) enhanced ROI and iii) improved time to market. Failure to do so will result in a decrease in revenue
» Independent: Difficult to implement as R&D may not be a core competency; however can provide flexible solutions to clients;
high upfront commitment
» Joint: May have to do a revenue share instead of licensing cost; potentially more control over IP and flexibility than licensing;
medium upfront commitment
» Licensing: Lower cost but less flexibility and no control over IP; allows BPS providers to select “best-of-breed” solutions; low
upfront commitment
We believe the increase in revenue will outpace the increase in line item cost, resulting in increased profitability
28
29Source: Point of View “The 2016 RPA Premier League Table – Transformation comes to the core” (December 2016), Capital IQ, Avendus research
Company HQ FoundedMarket
Cap
No. of
EmployeesDescription
1989 71,820 394,000
Driving a holistic strategy for Intelligent Automation with strong innovation; impressive
reference point is Accenture Robotics Solution with operational analytics and virtual
agent capabilities reference point is Accenture Robotics Solution with operational
analytics and virtual agent capabilities
2003 ISG 180
Build-out of RPA practice crucial component for acquisition by ISG; strong emphasis
on Automation Anywhere partnership; likely to be a catalyst for more investments at
ISG
1997 10,964 87,392Focusing on industrialization of service delivery; Atos Hybrid RPAaaS Cloud Platform
offers clients a scalability; driving RPA into broader application management scenarios
2016 Private 20Design and automate business processes within robotic automation and artificial
intelligence. Full-scale creation of "virtual workforces"
1967 13,438 184,899
Evolving toward holistic automation strategy with Automation Drive Suite; early
proponent of integration of unstructured data with Celaton partnership; advancing
towards integration of unstructured data on an industrial scale. Existing clients
complain about an unwillingness to share risks/gains with RPA initiatives
1998 34,054 255,800
Holistic automation strategy and strong thought-leadership; Emerging Business
Accelerator acts as effective incubator; strong traction in healthcare around the HPA
platform
1959 8,726 59,000
Leveraging predominantly Xchanging's RPA program, but expanding to a more
holistic, data-centric approach focused on operational data mining. Strategy with new
HP merger still undefined
1984 49,078 101,800
Solid traction in healthcare with AFTE solution; integration into NTT DATA led to
deemphasizing stakeholder management. Waiting to see future strategy unfold under
NTT, which has a very strong approach in IT automation
1891 Private 2,700
Early move in RPA and pushing RPA eco-system approach as part of transformation
strategy; effectively leveraging Deloitte Consulting's broader Cognitive Automation
capabilities; broad traction across verticals with a focus on selected countries
30
Company HQ FoundedMarket
Cap
No. of
EmployeesDescription
1996 Private 70 Part of XLENT Consulting Group. Focus on the Scandinavian market
2015 Private 30
on-demand RPA services powered by Blue Prism technology. Focus on redesigning
knowledge work in the Nordic region within the healthcare, government and financial
services
1999 Private 24,100
Late mover, but showing commitment to RPA from leadership. Differentiation through
analytics. Impressive number of engagements with Automation Anywhere, but needs
to build traction with other solution providers
1894 Private 27,390
Committed focus on RPA as focal point of its Smart Automation strategy; emphasis on
transformation and differentiation through global roll-outs; blending broader digital IP
into RPA solutions
2012 Private 40 The first "pure play" RPA implementation house with a cognitive twist
1997 4,913 75,000
Pioneer and early thought-leader on RPA; holistic approach around Lean Digital
concept; positioned “Rapid Automation” as a broad set of tools and approaches that
enhance systems of engagement. Genpact consistently positions IA as a
transformational approach
1976 17,418 105,571
Accelerated build out of DryICE Automation Framework offers an opportunity to
rejuvenate the RPA strategy around ToscanaBot; portfolio approach on RPA tool sets;
increasingly expanded to IT-centric orchestration with its iAutomate solution. New
CEO CVK emphasizing strong focus on automation
1990 887 11,375one of the largest global teams of Blue Prism accredited resources and combines
technical expertise in RPA software
1939 37,542 195,000
Holistic automation approach with a focus on large complex deals; integration with
CSC resulted in a lack of stakeholder engagement; merger will provide a much more
holistic approach to RPA with greater emphasis on data curation. Strong initial focus
has been sidetracked with CSC merger
1910 168,587 377,757
Commitment to AI and a holistic approach to automation, with strong focus on Blue
Prism in RPA; moving forward evolving toward portfolio approach leveraging its
Golden Bridge Solution; extending RPA to application management scenarios
Source: Point of View “The 2016 RPA Premier League Table – Transformation comes to the core” (December 2016), Capital IQ, Avendus research
31
Company HQ FoundedMarket
Cap
No. of
EmployeesDescription
1981 31,875 197,050
Broad capabilities under the EdgeVerve umbrella; RPA capabilities will be increasingly
integrated with analytics assets of MANA platform. AssistEdge has potential, but
needs focus and proven client pilots
1987 Private 60,000
Strong internal leverage and advisory capabilities; accelerating implementations with
portfolio approach and a broad set of process accelerators. Early market mover, with
greater emphasis on AI in finance processes
2015 Private 10
focused on Business Process Automation. has set up an exclusive training academy
to address the short fall of certified Blue Prism trained resources for staffing its
projects. This special training augments the standard Blue Prism training hosted on a
24X 7 cloud-based LMS platform
2006 Private 15
Regional focus on ANZ, expanding into the US and broader automation capabilities;
strong emphasis on training clients. Dynamically driven by Mohit Sharma, who never
seems to sleep
2013 Private 10design robotic solutions, implement Blue Prism automation software and build robotic
capability for clients in the Central/ Eastern Europe
2000 Private 124
IT provider able to provide comprehensive hosting services for automation
technologies. Niu have developed and implemented a secure, robust, flexible and cost
effective solution to host Blue Prism “robots” on behalf of Genfour Managed Services
clients
2000 Private 60Domain expertise in HR. Managed Services model. RPA accessible to companies and
initiatives of all sizes
1999 Private 734Prodapt launches Telebots framework for communications & digital service providers,
leveraging Blue Prism's Robotic Process Automation software
2003 Private 800
Late starter, but now scaling out Intelligent Process Automation capabilities;
emphasizing transformation by treating all RPA deployments as bespoke
engagements; moving toward notions of OneOffice
2016 Private 15First to successfully deploy Blue Prism RPA technology to clients in Australasia.
Provides clients with a digital workforce to run their automated processes
Source: Point of View “The 2016 RPA Premier League Table – Transformation comes to the core” (December 2016), Capital IQ, Avendus research
32
Company HQ FoundedMarket
Cap
No. of
EmployeesDescription
2005 Private 50
Reveal has been historically developing a workforce management solution
specifically for back office operations and service fulfilment functions. Now also
provides help desk, call center and branch solutions. Blue Prism partner
2016 Private 10Regional focus on DACH region; fast growing across processes and across
verticals
n/k Private 10Focus on North America and on enterprise-wide deployment; strong traction in
insurance
1994 Private 125
Expert with RPA. Integrate across multiple platforms and have a team of
developers to provide with custom solutions. RPA product has been used across
multiple industries
1968 2,304 39,200Provide Business Process Services by combining lean techniques with RPA by
partnering with Blue Prism
2014 Private 60
Disrupting the RPA disruptors with an aggressive approach to delivering both
strategy and implementation capability to clients in both BPO and shared service
models
1980 1,774 24,537
Pioneer of holistic automation platform with SyntBots; broad set of marquee clients;
evolving toward enterprise-grade governance with Virtual Workforce Manager;
driving RPA tool sets into application management. Stronger in IT automation than
business process
1968 67,526 378,497
Evolving toward holistic automation strategy leveraging assets including ignio;
moving to a hybrid tool set approach in RPA. Appetite to cannibalize revenues to
further solution capability
1986 6,742 112,886
Accelerating automation build-out with hybrid tool strategy; UNO-R (proprietary)
and UNO-P (third party tools including Blue Prism and UiPath); advancing toward
cognitive scenarios integrating unstructured data leveraging TACTI Xplatform
2011 Private 20
One of North America’s first Blue Prism partners. Transform client operations
through the delivery of robotic process automation, augmented by thoughtful
business process redesign and performance management
Source: Point of View “The 2016 RPA Premier League Table – Transformation comes to the core” (December 2016), Capital IQ, Avendus research
33
Company HQ FoundedMarket
Cap
No. of
EmployeesDescription
2013 Private 30Strong growth momentum, especially in supporting global sIs; strong emphasis on
platform play with Virtual Workforce Platform; strong emphasis on training clients
2006 Private 584
VANAD Enovation is the specialist solution provider and Blue Prism’s partner for
the UK NHS and has implemented numerous RPA projects. With the parent
company in Holland VANAD Enovation is also providing RPA solutions to other
markets in mainland Europe
2002 Private 700
Vector Management Consulting is the strategic and business consulting of Vector
ITC Group, a technology group; provides and integrates services and solutions with
a broad portfolio covering a wide range of sectors: financial services, utilities and
industry, TMT, retail and services, and PA
2012 Private 15Pioneer of RPA, delivering at scale focused on large accounts; strong emphasis on
empowering clients with IA
1996 779 17,196
Provides end-to-end IT services to Global 2000 companies. RPA services include
ITOPS Automation Consultancy, Efficiency Optimization POC using RPA,
Onboarding Digital Labour, Nurture Digital Labor, and KORE Automation Platform
for Managed Services
1998 Private 17End to end RPA service from development of the enterprise level operating model
through to delivery and support of the changes required
1945 16,496 179,129
Refocusing its automation assets under the HOLMES brand and platform; RPA
being integrated into Base platform; consultative approach to BPO and RPA with
Enterprise Operations Framework
1906 7,076 131,800
Pushing proprietary tool set around the Xerox Automation Suite; expanding toward
holistic notion including Machine Learning and voice assistants. Strategy with new
CEO Ashok Vemuri still uncertain
Source: Point of View “The 2016 RPA Premier League Table – Transformation comes to the core” (December 2016), Capital IQ, Avendus research
34
Company HQ FoundedMarket
Cap
No. of
EmployeesDescription
1981 Private 50
ASCI develops Strategic System Software Management Solutions including
ActiveBatch, ASCI’s flagship Enterprise Scheduling and Workload Automation
solution
2003 Private 250Automation Anywhere develops robotic process automation software to augment
and scale knowledge work at the world's largest companies
2001 381 86 Blue Prism engages in the licensing of robotic process automation software
2004 Private 50
Celaton provides artificial intelligence solutions. It offers inSTREAM that applies
artificial intelligence to streamline labour intensive clerical tasks and decision
making, delivered as a service for a monthly fee
2012 Private 10 Data extraction and RPA tool to extract and transform data from web source
2004 Private 1250RPA product solutions for portal and integration capabilities using non invasive
enterprise mash-ups through product Fusion powered by Inventys
2005 Private 5 A web-based help-desk system. Both on-premise & cloud version
2008 Private 50InvoiNet operates an online platform that connects financial suppliers and
customers so that they send, receive, manage, and finance their invoices
1998 Private 626
IPsoft Incorporated provides IT and business operations automation solutions.
Amelia is an artificial intelligence platform that automates knowledge work across
various business functions
1990 22 109Jacada develops, markets, and supports customer experience management and
process optimization solutions that automate customer service processes
Source: Capital IQ, Avendus research
35
Company HQ FoundedMarket
Cap
No. of
EmployeesDescription
1998 Private 60 Kapow provides a data integration solution
2008 Private 30
Kryon Systems delivers innovative, intelligent RPA solutions enabling digital
transformation for enterprises. Using patented visual and machine learning
technologies, flagship platform, Leo, allows companies to automate business
processes quickly and easily
1986 4,157 3,316NICE Robotic Automation solution for automation of routine back office and contact
center processes
1983 2,996 3,333
Pegasystems acquires in 2016 RPA Software, OpenSpan which brings a
combination of robotics, analytics, and case management together to enable more
productive employees and better customer experience
1981 Private 50 The company develops process intelligence and workforce analytics solutions
2016 Private 5
RapidRPA delivers smart robotic process automation solutions that dramatically
enhance employee performance and business outcomes across a comprehensive
range of use cases and applications.
1993 Private 250
Redwood offers scheduling and report distribution solutions. The company’s suites
enable job scheduling, data integration, risk management, process automation,
report generation, business intelligence, and data processing services
2004 Private 80RPA software vendor. Latest product line delivers customer value through Front
Office and Back Office automation capabilities
1994 2,307 4,900Verint Launches RPA solution to help drive productivity, reduce costs and support
regulatory compliance in 2016
2005 Private 20WinAutomation is a powerful and easy to use Windows based platform for building
Software Robots
Source: Capital IQ, Avendus research
36
Puneet Shivam
Head US; Co-head ET&S, Investment
Banking
Amit Singh
Co-head ET&S, Investment Banking
Lyle Finkler
Associate Vice President
Subject Expert
[email protected]@avendus.com [email protected]
Queries on the report
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