Blue Prism Group PLC Trading Statement (3378G)

TIDMPRSM

RNS Number : 3378G

Blue Prism Group PLC

05 August 2016

05 August 2016

Blue Prism Group plc

("Blue Prism" or the "Group")

Trading update

Blue Prism (AIM: PRSM), a leader in Robotic Process Automation ("RPA"), is pleased to provide an update on current trading.

Blue Prism has continued to enjoy strong pipeline progress. The Group has won a number of new contracts including a contract to deploy its RPA solution to a global tier-1 bank through one of its major alliance partners. This is a significant contract win for Blue Prism that provides a strong validation of its partner-led sales model and whilst the size of the contract today is uncertain, the Board believes it has the potential to become the largest deployment of Blue Prism's software robots to date.

Alongside these contract wins, the Group has recently secured a contract renewal with one of its largest customers, a UK-headquartered global tier-1 bank, which signed a new three year commitment.

Together, the renewals and the continued momentum in new business wins in the year to date, mean that, subsequent to the outlook detailed in the Group's interim results, we are confident that Blue Prism will outperform the Board's current expectations for the full year.

Alastair Bathgate, CEO of Blue Prism, commented:

"The Group has continued to perform well and we are very pleased to announce the continued pipeline momentum and renewal, which clearly illustrates the value Blue Prism's software provides. We continue to focus on our partner-led sales model and bring forward investment to enable us to take full advantage of our leadership position in the growing RPA market."

For further information please contact:

 
 Blue Prism Group plc             via Newgate Communications 
  Jason Kingdon, Chairman 
  Alastair Bathgate, Chief 
  Executive Officer 
  Gary Johnson, Chief Financial 
  Officer 
 Investec Bank plc                Tel: [phone] 
  Andrew Pinder / Sebastian 
  Lawrence 
  Carlton Nelson / Dominic 
  Emery 
 Newgate Communications           Tel: [phone] 
  Bob Huxford / Adam Lloyd 
  / Helena Bogle 
 

About Blue Prism

Blue Prism is a UK-based software company and a leader in the emerging global technology category of Robotic Process Automation. The Group supplies software robots that automate clerical back office processes and operate in similar fashion to humans, by autonomously logging on and orchestrating various systems. Blue Prism's Software Robots are differentiated in the market as they have been designed to be deployed at scale in enterprise-sized organisations where security, resilience, robustness, flexibility, scalability and compliance can be critical.

Blue Prism's Software Robots provide a Virtual Workforce that is operated by the business function while being supported by the IT function. As such, software robots can address the "long tail" of automation that is currently not able to be addressed by the IT function due to limited economic granularity and resources.

The Group spent several years "industrialising" the software with a number of its blue-chip customers, including Barclays Bank, Co-operative Banking Group, Telefónica O2, RWE npower and Shop Direct. This enabled Blue Prism to meet the product and methodology standards needed to deploy this new robotic workforce in a transformational way, much like BPO did to business back offices 20 years ago. For this reason, Blue Prism's customers see the robots as a third sourcing option to complement onshore and offshore human resources.

The Group is increasingly focused on establishing its global Channel Partner ecosystem which currently includes Accenture, Deloitte, Cap Gemini, IBM, id. Management, NEOOPS and Thoughtonomy.

As at 30 April 2016 Blue Prism had 58 employees based out of offices in Newton-le-Willows and London (UK) and Miami, Chicago, New York and San Francisco (US).

This information is provided by RNS

The company news service from the London Stock Exchange

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August 05, 2016 02:01 ET (06:01 GMT)