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SoftBank-backed Automation Anywhere to acquire FortressIQ -sources

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Dec 23(Reuters) – Automation Anywhere Inc, a software company backed by SoftBank Group Corp’s (9984.T) Vision Fund, has agreed to acquire cloud computing company FortressIQ, according to people familiar with the matter.

Automation Anywhere plans to use FortressIQ’s artificial intelligence capabilities to identify opportunities for robots to automate processes traditionally carried out by workers, such as data entry, the sources said.

The deal will be announced later on Thursday, the sources said, declining to disclose its value.

Based in San Jose, California, Automation Anywhere raised $300 million from SoftBank in 2018. The company was valued at $7.29 billion in 2019, according to data provider PitchBook. Other investors include General Atlantic, New Enterprise Associates, Salesforce Ventures and Goldman Sachs Group Inc.

Automation Anywhere competes with UiPath Inc (PATH.N), which went public in April and has a market capitalization of $22.8 billion.

Founded four years ago, San Francisco-based FortressIQ counts Tiger Global and M12 among its investors.

porting by Echo Wang in Taos, New Mexico; Editing by Cynthia Osterman and Leslie Adler
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