Blue Prism’s US sale is a rebuke to London — we really don’t get tech
The computer software business is a homegrown achievements story that’s promoting up and likely to the States for the reason that it has run out of street in Britain. Main exec Jason Kingdon claims marketing to Texas-centered Vista Equity Associates will give it larger access to cash — an appalling verdict on United kingdom public marketplaces. The whole position of likely general public really should be simpler access to dollars when you need to have it.
His criticisms will be familiar to any individual included in tech. Business owners and buyers have been complaining for a long time that London fund supervisors simply really don’t fully grasp the sector. Just seem at the very poor reception of Deliveroo and Alphawave IP previously this 12 months.
Revenue supervisors ordinarily retort that numerous tech companies are decline-making and overvalued. But any one moaning about profitability and good valuation really should inquire on their own: what would you do in Kingdon’s footwear?
UiPath, a close competitor to Blue Prism, was valued at $35 billion at the end of its initial day of buying and selling in New York in April. It had revenues of $336 million final yr.
Blue Prism had revenues of $192 million in 2020 but is at the moment valued at just £1.1 billion. UiPath raised additional than the company’s entire worth in its IPO.