Blue Prism indicates it will beat full-year expectations

Robotic process automation company Blue Prism updated the market on its current trading on Friday, saying it has continued to enjoy “strong” pipeline progress.

The AIM-traded group has won a number of new contracts, its board reported, including a contract to deploy its RPA solution to a global tier-1 bank through one of its major alliance partners.

It called this a “significant contract win”, that provides a strong validation of the company’s partner-led sales model and whilst the size of the contract today is uncertain, the board said it believes it has the potential to become the largest deployment of Blue Prism's software robots to date.

Alongside these contract wins, the group confirmed it 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.

The board said that together, the renewals and the continued momentum in new business wins in the year to date, mean that it is confident that Blue Prism will outperform its current expectations for the full year.

“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,” said CEO Alastair Bathgate.

“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.”