Workflow automation company Nintex, backed by private equity firm TPG Capital, has acquired Kryon -- a robotic process automation (RPA) software rival to Automation Anywhere, Blue Prism and UiPath, among others. The deal reinforces a busy M&A season for the fast-growing RPA market. Financial terms of the Nintex-Kryon agreement were not disclosed.
This is technology M&A deal number 188 that ChannelE2E has covered so far in 2022.
Nintex Acquires Kryon: RPA Software and Workflow Automation Details
About the seller: Kryon has 180 employees listed on LinkedIn. The company was venture-backed, having raised $40 million in Series C funding in 2019. Kryon's investors included OAK HC/FT, Aquiline Technology Growth and Vertex Ventures.
Kryon allows partners and customers to develop unattended RPA bots that automate work. Also, Kryon's process discovery technologies can identify repetitive work processes, visually map those processes, and generate automated workflows.
About the buyer: More than 10,000 organizations worldwide use the Nintex Process Platform for process intelligence, automation and optimization capabilities.
Nintex, in turn, has M&A experience. The company acquired K2 Software in October 2020 and AssureSign in June 2021.
Nintex Buys Kryon: Executive Perspectives
In a prepared statement about the deal, Nintex CEO Eric Johnson said:
"We are excited to welcome the Kryon team and look forward to offering Nintex customers and community members more advanced automation capabilities and automated process discovery technology within our platform. With Kryon's innovative capabilities for RPA and process discovery, we are executing on our strategy to continually expand the breadth and depth of our process platform to ensure organizations in both the public and private sectors gain digital process competitive advantages."
Added Kryon CEO Harel Tayeb:
"Our global team is thrilled to join forces with a market-leading software company like Nintex, which also has a strong reputation for being a great place to work in every region of the world. We are ready to quickly infuse our process discovery technology and the next generation of RPA into the Nintex platform to ensure organizations are realizing their fullest digital business potential with intelligent automation."
RPA Software Market Growth, M&A Activity
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.
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.
Amid all that growth, M&A activity among RPA software vendors has been strong.
RPA Software for MSPs, SMB Customer Automation: 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. Key RPA software providers in the MSP and SMB market include ElectroNeek and Rewst -- which recently hired ConnectWise and Perch Security veteran Wes Spencer.