Robotic automation firm, Automation Anywhere, acquires Cloud computing firm, Fortress IQ to advance artificial intelligence (AI) powered Automation 360 platform. This is by adding built-in intelligence that helps organizations to identify what processes can be automated.

Pankaj Chowdry, Chief Executive Officer and Founder, Fortress IQ says, “we share a vision to deliver and automate at scale, as well as share common values to help customers succeed on a trusted platform. This will change the industry, and I’m excited about what we can automate next.”

Mihir Shukla, CEO, Automation Anywhere says, “the acquisition will help the company “automate, adapt, and accelerate” digital transformation initiatives.”

The need of automation is grown since the pandemic. This year, Gartner predicted that hyper automation, an approach used by businesses to identify, vet and automate processes, will trace $596.6 billion in 2022, up from $481.6 billion in 2020 and $532.4 billion in 2021.

In September, Automation Anywhere planed for an initial public offering (IPO) this year. The company, which is banked by Softbank’s Vision Fund, was said to be valued at $6.8 billion in 2019 when it raised a Series B round worth $290 million. SoftBank had invested $300 million in the American firm in 2018. It is also backed by Salesforce Ventures and Goldman Sachs.

Maureen Fleming, Program Vice President,  International Data Corporation says , “today, organizations are focusing on improving cycle times and overall operating performance to ensure that inefficiency does not get in the way of successful transformation."