Takeover deal values software robotics firm Blue Prism at £1.1bn

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Blue Prism Group, British robotic process automation software company, has been valued at more than £1bn as it is acquired by a U.S. private equity firm.

In a statement Vista Equity announced that it has agreed to buy the Warrington-based developer for £1.1bn (US$1.50bn) in a bid to grow its automation technology portfolio.

Vista said it views the acquisition as “an exciting and transformational moment for the growth of enterprise-grade Intelligent Automation and Robotic Process Automation (RPA).”

Blue Prism, whose customers include automaker Daimler, e-commerce firm eBay and the NHS, said it plans to recommend that shareholders vote in favour of the 1,125 pence-per-share bid announced today [Tuesday 28 September], calling the terms “fair and reasonable”.

“Blue Prism has become a leading player in the RPA sector since it was founded in 2001, when it first pioneered the technology,” said Jason Kingdon, chairman and CEO at Blue Prism.

“Combining with Vista and TIBCO will ensure we remain at the forefront of the next generation of intelligent automation.”

The announcement follows Blue Prism’s confirmation that it was in separate talks with TPG Capital and Vista Equity Partners over possible takeover bids. With shares in the London-listed firm down 3% at 1,153 pence in early trade after news of the deal, reports suggested that investors were hoping for a higher price.

Blue Prism had been considering a sale after shareholders encouraged the board to do so following demands to restructure the company’s management.

Blue Prism added it plans to separate the chairman and chief executive role and that it has started looking for a new CEO.

Goldman Sachs acted as financial adviser to TIBCO and Qatalyst Partners advised Blue Prism on the financial terms of the deal.

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