by Joe Panettieri • Sep 30, 2021
Robotic Process Automation (RPA) software program supplier WorkFusion has employed Erwin and CA Technologies veteran Adam Famularo as CEO. The transfer comes as a number of software program giants and startups battle to dominate the RPA software program and related bot markets.
Famularo is well-known for main bigger enterprise IT software program divisions (instance: CA Technologies), whereas additionally driving personal equity- and venture-backed enterprise software program firms (instance: Erwin). Most lately, Famularo led Erwin’s profitable growth and eventual sale to Quest Software in January 2021. Famularo additionally has expansive channel- and partner-focused expertise.
What Is RPA Software?
Now, Famularo dives into the hot-growth RPA software program market. RPA software program permits companies to jot down code and bots that quickly automate guide duties throughout a number of departments — from IT service desks to HR, finance, buyer assist and extra.
WorkFusion’s software program platform entails AI bots that study in actual time from information and finish customers with “no-code” simplicity, then additional combination and share these learnings throughout the bot ecosystem, the corporate stated.
The international RPA software program market is predicted to achieve $13.74 billion by 2028, up from $1.57 billion in 2020. The market’s compound annual progress charge from 2021 to 2028 is predicted to be 32.8%, Grand View Research predicts.
Perceived RPA market leaders embody Automation Anywhere and UiPath., with WorkFusion within the combine. Still, RPA market competitors is intensifying. Amid all the expansion, a number of enterprise capital corporations, personal fairness corporations and software program firms are shopping for their method into the RPA sector.
Key M&A patrons within the RPA sector embody IBM, Microsoft, Salesforce and ServiceNow. And earlier this week, Vista Equity Partners acquired Blue Prism Group for $1.5 billion. Next, Blue Prism will merge into Tibco Software. Vista has owned Tibco since 2014.
WorkFusion Growth Plan
Still, WorkFusion seems well-funded for progress. The firm raised $220 million in Series F funding again in March 2021. The spherical was led by Georgian, a FinTech firm investing in high-growth expertise firms. In addition to the funding, WorkFusion lately employed Brian Kyle as chief monetary officer and Peter Cousins as chief expertise officer, and expanded Sam Fahmy’s position as chief income officer.
The late-stage funding and govt hires counsel WorkFusion is gearing up for a possible IPO (preliminary public providing) or an eventual strategic asset sale, ChannelE2E believes.
In a ready assertion about becoming a member of the corporate, Famularo stated:
“WorkFusion has a singular and compelling product providing and market place, enabling organizations all over the world to harness the facility of automation in adapting to shifts within the international economic system and workforce over the previous yr. I’m desirous to work facet by facet with our staff to reinforce our positioning and market presence, deepen buyer relationships, strengthen firm tradition and lead WorkFusion into the following section of progress as we rework the world of labor.”
Added Justin LaFayette, lead Investor at Georgian, and a member of WorkFusion’s board of administrators.
“Adam Famularo is a visionary enterprise chief with a confirmed monitor file of constructing world-class groups, driving buyer and accomplice success, and delivering returns for shareholders and traders. We’re thrilled to welcome him to the WorkFusion staff throughout such an thrilling stage of progress.”
ChannelE2E is checking to see whether or not former WorkFusion CEO Alex Lyashok continues to be related to the corporate. He was CEO when WorkFusion introduced the March 2021 funding spherical. Lyashok is not listed on the corporate’s govt staff web page.
RPA Software for SMBs and MSPs?
Much of the RPA software program business focuses on enterprise clients. Still, RPA might even ultimately catch on within the SMB market as MSPs search to additional automate inner and buyer operations.
Famularo, for occasion, has expertise within the SMB channel. Also, further RPA startups are concentrating on the MSP market. One prime instance: ElectroNeek raised $20 million in June 2021. The firm’s objective: Build and promote RPA software program for MSPs and IT groups. Also, there’s chatter about former MSP safety entrepreneurs making ready to launch an MSP-focused RPA firm someday later this yr. Stay tuned.
