Redwood Software, the leading provider of cloud-based business and IT process automation solutions announced on 11th May 2021 a $379 million strategic investment from growth equity firm Turn/River Capital. This investment will enable Redwood Software to accelerate the formation of new features for its industry-leading IT and business process automation platform, and the funding will be used to expand the company’s customer base.
Intelligent process automation (IPA) and robotic process automation (RPA) — technology that automates mundane, repetitive tasks that were previously handled by humans is a big industry now. According to Statista, the global automation industry is expected to produce $214 billion in 2021, with process automation accounting for more than $83 billion. According to Forrester, intelligent process automation and other AI subfields produced employment for 40% of businesses in 2019, and a tenth of startups now have more digital employees than human workers. According to a McKinsey study, at least a third of operations in about 60% of occupations could be automated.
“The modern enterprise needs sophisticated automation solutions to enable it to scale rapidly and remain agile in the face of disruptions,” said Dan Twing of President and Chief Operating Officer of analyst firm Enterprise Management Associates (EMA), “It’s imperative that organizations adopt technology that can support the breadth of their business operations. Redwood provides the only cloud-based solution of its kind purpose-built for the enterprise, setting it apart as a leader in the space.”
What does Redwood Software provides?
Redwood Software has a task directory that enables users to piece together several based jobs in a workflow. Clients can connect and assemble procedures utilizing Redwood’s orchestration engine, which binds them together. Redwood can also kickstart workflows without requiring human assistance and enable them to run until they’re completed, while dashboards keep track of projects, operations, and bottlenecks in logs for process auditability.
In addition to process automation, Redwood Software also delivers cloud storage services such as transferring files and file encryption. Even if the source and destination protocols aren’t compatible, the platform can transfer, copy, and manage files between clouds. When the platform detects degraded performance, it can also initiate popular OS, database, virtualization, container, and application maintenance tasks.
Tijl Vuyk, Redwood Software CEO and Founder said of the investment, “We are thrilled to partner with Turn/River. Their team’s go-to-market expertise combined with Redwood’s best-in-class technology will create a highly complementary partnership, and further our goal of bringing modern automation to every enterprise.”
Redwood Software, based in the Netherlands, was founded in 1993 and serves thousands of global enterprise customers, which include Coca-Cola, General Motors, Halliburton, Grainger, Wells Fargo, UBS, Mercedes-Benz, Airbus, Siemens, and Heineken. It is a recognized pioneer in the use of powerful low-code technology to automate industrial-scale business processes such as infrastructure management, finance automation, automated DevOps, and supply chain management.
As firms respond to recent market disturbances and heavily invest in technology to promote agility and collaboration, the Turn/River growth financing will help “Rule of 60′ to advance its ability to deliver new efficiencies in mission-critical business processes and to strengthen its leadership in developing modern workplace automation tools.
“We are excited for the possibilities this investment brings and the new ways we will be able to serve our customers. Automation is a business imperative, and that is a fact,” Vuyk added. “We’re unique in that we’re marrying automation with low-code tools so enterprises can automate without the extreme overhead or overhauling their IT department. This investment will give us the resources to meet the needs of IT organizations and business leaders alike.”
