![]() ![]() Kingdon said Blue Prism will also have better access to capital to pursue opportunities as they arise. ![]() He added that this can be an opportunity to expand the range of products it offers, augmented by Tibco’s global reach and technologies, and its status as a privately owned company. Bringing together Tibco and Blue Prism, the CEO added, will ensure that the unit remains at the pioneering level of the next generation of RPA innovation and use. Jason Kingdon, the CEO of Blue Prism, sees this approach as the best way to give Blue Prism a better footing. The chairman agrees it’s the best approach One of the options it considered was a sale, which is what the company eventually went with. The company said its board considered several strategic options, given the challenges it faces, the risk inherent in executing those options, and shareholder consultation feedback. Blue Prism was not on sure footing for a whileīlue Prism is going to be folded into another property owned by Vista, called Tibco, which it acquired for $4.3 billion in 2014.īlue Prism, in its filing, was facing rough times and has been considering its options since its annual general meeting in March this year. The deal is a bit complex, with Vista setting up an entity called Bali Bidco Limited (indirectly owned by Vista Funds, though not clear why) to purchase Blue Prism on its behalf. One of the pioneers in the market, Blue Prism, was sold to Vista Equity Partners for $1.5 billion (£1.095 billion) according to a filing in Great Britain.Įven though the past year has seen many RPA startups acquired by larger vendors, this is the first deal involving the top three vendors in this industry. If shareholders approve it, the deal with SS&C is predicted to close in the first half of 2022.Over the last year, the robotic process automation market has been more active than ever. Market Tracker will look at competing offers in 2021 in more detail in its upcoming Public M&A 2021 Trend Report. On 1 December 2021, following the announcement of SS&C’s competing bid, the company’s share price closed at 1,327 pence.ĭuring 2021, UK takeovers have seen an increase in competing bids, with four companies subject to competing firm offers, and five companies that were the subject of firm offers attracting potential competing offers. The company launched an IPO on AIM in 2016, valuing the company at 78p a share. With Vista yet to release a public statement on the withdrawal of Blue Prism’s board recommendation, it is unclear whether the company will revise the terms of its final offer to compete with SS&C, an option it had reserved in the announcement of its final bid, should SS&C make a firm offer for Blue Prism.īlue Prism was founded in 2001 and asserted itself as the ‘pioneer’ in robotic process automation, attracting a customer base including Fidelity, the NHS, eBay, and Daimler. In contrast, Jason Kingdon, chairperson and CEO of Blue Prism stated that SS&C’s offer would permit the group to access ‘significant capital resources.’ Meanwhile shareholders such as Hawk Ridge Capital voiced concern regarding Blue Prism’s acceptance of what they believed to be an undervaluation of the company at Vista’s initial bid price of 1,125 pence a share. Vista had announced its intention to streamline Blue Prism’s business by merging the company with San Francisco-based TIBCO Software Inc., a move that would significantly reduce its combined workforce. ![]() Vista’s proposal had attracted criticism from shareholders and employees alike, despite Blue Prism’s board initially stating it believed the offer represented the best value for shareholders. However, following the announcement that SS&C had decided to proceed with a firm offer of 1,275 per share for the company, Blue Prism’s directors released a statement confirming the withdrawal of their recommendation of the rival offer made by Vista, which Vista had increased on 25 November from 1,125p per share to 1,250p, valuing the company at £1.22bn. The company announced on 24 November that the meetings had been rescheduled to 9 December. ![]() (SS&C).ĭespite having initially reached an agreement with Bali Bidco Limited, a company owned indirectly by Vista Equity Partners (Vista), Blue Prism adjourned the court and general meetings planned for 19 November once talks began with SS&C, to allow the board to consider the new offer. On 1 December 2021, Warrington-based software company Blue Prism plc confirmed that the terms of an agreement to acquire the company’s issued and to be issued share capital for £1.24bn had been reached with Connecticut-based financial services software firm SS&C Technologies Holdings, Inc. ![]()
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