Capital Inc. and its affiliates and group companies · expressed solely as general market...

2

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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


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


* 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


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

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


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


» 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



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


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



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


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

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


Cap

No. of


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


Cap

No. of


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


32


Cap

No. of


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


33


Cap

No. of


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


34


Cap

No. of


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


Cap

No. of


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

Our Locations

IL&FS Financial Centre, C & D Quadrant - 6th Floor Bandra-KurlaComplex, Bandra (East), Mumbai -400 051

Avendus Capital Inc., 499 Park Avenue, 12th Floor, New York, NY 10022

Avendus Capital (U.K.), Private Limited33, St James's Square, London SW1Y 4JS

mailto:[email protected]



37

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