Robotic Process Automation (RPA) software provider WorkFusion has hired Erwin and CA Technologies veteran Adam Famularo as CEO. The move comes as multiple software giants and startups battle to dominate the RPA software and associated bot markets.
Famularo is well-known for leading larger enterprise IT software divisions (example: CA Technologies), while also driving private equity- and venture-backed enterprise software companies (example: Erwin). Most recently, Famularo led Erwin's successful expansion and eventual sale to Quest Software in January 2021. Famularo also has expansive channel- and partner-focused experience.
What Is RPA Software?
Now, Famularo dives into the hot-growth RPA software market. RPA software allows businesses to write code and bots that rapidly automate manual tasks across multiple departments — from IT service desks to HR, finance, customer support and more.
WorkFusion's software platform involves AI bots that learn in real time from data and end users with “no-code” simplicity, then further aggregate and share those learnings across the bot ecosystem, the company said.
The global RPA software market is expected to reach $13.74 billion by 2028, up from $1.57 billion in 2020. The market’s compound annual growth rate from 2021 to 2028 is expected to be 32.8%, Grand View Research predicts.
Perceived RPA market leaders include Automation Anywhere and UiPath., with WorkFusion in the mix. Still, RPA market competition is intensifying. Amid all the growth, multiple venture capital firms, private equity firms and software companies are buying their way into the RPA sector.
Key M&A buyers in the RPA sector include IBM, Microsoft, Salesforce and ServiceNow. And earlier this week, Vista Equity Partners acquired Blue Prism Group for $1.5 billion. Next, Blue Prism will merge into Tibco Software. Vista has owned Tibco since 2014.
WorkFusion Growth Plan
Still, WorkFusion appears well-funded for growth. The company raised $220 million in Series F funding back in March 2021. The round was led by Georgian, a FinTech company investing in high-growth technology companies. In addition to the funding, WorkFusion recently hired Brian Kyle as chief financial officer and Peter Cousins as chief technology officer, and expanded Sam Fahmy’s role as chief revenue officer.
The late-stage funding and executive hires suggest WorkFusion is gearing up for a potential IPO (initial public offering) or an eventual strategic asset sale, ChannelE2E believes.
In a prepared statement about joining the company, Famularo said:
“WorkFusion has a unique and compelling product offering and market position, enabling organizations around the world to harness the power of automation in adapting to shifts in the global economy and workforce over the past year. I’m eager to work side by side with our team to enhance our positioning and market presence, deepen customer relationships, strengthen company culture and lead WorkFusion into the next phase of growth as we transform the world of work.”
Added Justin LaFayette, lead Investor at Georgian, and a member of WorkFusion’s board of directors.
“Adam Famularo is a visionary business leader with a proven track record of building world-class teams, driving customer and partner success, and delivering returns for shareholders and investors. We’re thrilled to welcome him to the WorkFusion team during such an exciting stage of growth."
ChannelE2E is checking to see whether former WorkFusion CEO Alex Lyashok is still associated with the company. He was CEO when WorkFusion announced the March 2021 funding round. Lyashok is no longer listed on the company's executive team page.
RPA Software for SMBs and MSPs?
Much of the RPA software industry focuses on enterprise customers. Still, RPA may even eventually catch on in the SMB market as MSPs seek to further automate internal and customer operations.
Famularo, for instance, has experience in the SMB channel. Also, additional RPA startups are targeting the MSP market. One prime example: ElectroNeek raised $20 million in June 2021. The company's goal: Build and promote RPA software for MSPs and IT teams. Also, there's chatter about former MSP security entrepreneurs preparing to launch an MSP-focused RPA company sometime later this year. Stay tuned.
