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ElectroNeek’s Latest $20m Funding: How we are Transforming the RPA Industry for MSPs

/ ~ 8 minutes read

Introduction

Robotic Process Automation (RPA) is among the hottest trending technologies in the IT industry after the rise of social media, search engines, and e-commerce. Amid the uncertain economic environment triggered by Covid-19, the level of interest in this technology has increased. Enterprises looking to preserve money during this uncertainty have turned to RPA. Unlike other enterprise applications, RPA is technology-agnostic, fast, accurate, and does not require long implementation cycles.   

While enterprises are aggressively pursuing RPA for their automation initiatives, the RPA market moves towards the managed services model faster. One of the reasons for this demand is the recurring payments model, which is convenient for both businesses and service providers.

ElectroNeek is also riding this growth wave, and its license revenues jumped more than 400% during 2020. With a strong presence in the North American market, our clients also include Fortune 500 companies. Recently, ElectroNeek secured $20 million in a Series-A round of funding at the valuation of $105 million to further expand its footprint in LATAM, Europe, India, and other strategic locations. 

ElectroNeek is the only MSP-friendly RPA vendor globally recognized for its impressive products portfolio, robust customer support, integrations, product features, easy-to-use platform, free bot licenses, and best vendor experience (for MSPs and Integrators). It is proven by G2’s RPA Market Momentum gridHFS Highlights, and Best Startups.

This article will discuss our plans to expand and build an MSP-focused ecosystem to help our partners grow their businesses profitably in this crowded market.

What this funding round means for our partners

ElectroNeek will use this investment in research and development, expand its presence in other countries, hire more resources, improve its solutions, and work towards its business objective – to create an MSP-focused ecosystem to accelerate RPA mass adoption.

In a statement, Sergey Yudovskiy, ElectroNeek’s CEO, said:

“The recent funding will facilitate our ambitions to help MSPs adopt RPA and serve their clients better. We are working to build an MSP-focused Ecosystem to bring RPA to more service providers looking to grow beyond traditional services and increase their profit margins and customer service. We will improve our market-leading platform to deepen our footprint in the RPA-powered innovation, help our partners to renew their businesses, and win in the new normal.”

There is little doubt that businesses have realized the value of service providers. Now, the MSPs don’t need to convince their clients to shift to outsourcing. The MSP market was worth $223 billion in 2020, and it is expected to grow to $329.1 billion by 2025. This presents both opportunities and challenges for MSPs, especially retaining existing clients and winning new ones as the competition is getting fierce.

In this regard, Dmitry Karpov- ElectroNeek CIO highlighted that:

“For MSPs, market differentiation is the only way to stand out in this RPA market boom. ElectroNeek leading-edge RPA platform is scalable and intuitive, and it will empower our partners to deliver the most innovative solutions and fulfill the demands of modern enterprises. We will help our partners nurture their strengths, offer superior customer experience, and build a loyal base of clients.” 

ElectroNeek will utilize the investment in engineering and product development, attracting RPA talents, and accelerating its ambition to become a leading strategic partner for MSPs. Previously the RPA software market focused on large enterprises, but now it is extending down to the SMB and midmarket. The global SMB IT spending was estimated at $610 billion in 2020, and it will reach $823.9 billion by 2027.

This is an ample opportunity for MSPs, and ElectroNeek will facilitate it to take the right approach towards this segment.

ElectroNeek has been recognized for its:

  • Flexible and extensible implementation model that effortlessly accommodates the entire robotic process automation process – from piloting to scaling.
  • Reduced implementation costs because its RPA solution supports the establishment of automated processes quickly and seamlessly.
  • Free bot licenses to run bots in clients’ infrastructure to further decrease the cost of implementation for MSPs.
  • Capacity management – MSPs can scale using its RPA platform to meet their customer demands during peak times and replicate the processes and workflows for other projects.
  • Enterprise-grade security – apart from improved process oversight, there are security mechanisms, proper governance system, audit logs, version controls, etc., to lower security risks for enterprises and improve bots efficiency. We are SOC2 compliant, so our partners can do business in any region or with US clients.

ElectroNeek’s Global Partner Program

ElectroNeek is offering a partnership program for MSPs:

  • Looking to start their RPA business.

They can leverage the intuitive and versatile RPA tools and resources from ElectroNeek to build their RPA businesses. We will guide them with the best RPA implementation practices as they prepare to embrace this technology.

  • Willing to extend their services.

ElectroNeek provides all the right RPA tools and resources to help these providers smoothly transition to the RPA industry. We will also help them set up an RPA Center of Excellence (CoE) to build their RPA capabilities and grow their business.

It is a multi-tiered program and offers various tools and benefits to build your RPA capabilities according to your needs. 

Some of the benefits of this program are:

  • Access to industry-leading RPA tools.
  • Technical and marketing support for visibility, lead generation, and to win more deals.
  • Training and certifications.
  • Product documentation.
  • Opportunity to earn good margins and grow business via our MSP model.

If you want to know about the benefits of this program, book a demo with our specialist at your convenience.

Our plans

ElectroNeek looks forward to partnering with service providers in the years to come and assisting them in understanding their clients’ needs and business processes by offering our platform as RPA-as-a-Service, and expert consultation and insights. 

As MSPs’ strategic partner, ElectroNeek is working towards:

  • Delivering the best automaton outcome through its cutting edge RPA tools.

We are building an MSP ecosystem to help our partners leverage the right IT tools, improve their operational efficiency by adopting best practices, and make a transition from a break-fix provider to a true RPA service provider.

Our existing partners who went through this implementation experience have realized how profitably and efficiently they can run/grow their businesses compared to what they were running before.

To know how ElectroNeek can facilitate you in your MSP business, you can contact one of our representatives.

  • Providing the right level of support during RPA implementation projects.

We are committed to offering generous support services, so that our partners can deliver the best customer experience and achieve automation success. We want our partners to win and retain their clients by helping them on every step of the RPA implementation journey.

  • Updating our offerings constantly, with major releases 4 times a year and minor releases more frequently.

RPA is a combination of technologies, and we are relentlessly working to enhance our platform capabilities and offer new features and capabilities.

  • Creating a frictionless user experience through our intuitive RPA platform for those interacting with our tools.

We want our users to comfortably and confidently use our tools and features. We want to ensure that our solution offers ease of programming and control, so our users can quickly create and run multiple bots without extensive coding knowledge. 

Learn how our platform works here.

  • Promoting our partner’s success through comprehensive training and knowledge academy.

MSPs will benefit from our online resources – videos, use cases, tutorials, webinars, release notes, and onsite and remote training sessions. We offer all the in-demand RPA training tools and certifications to help our partners attain RPA success for their business users.

Conclusion

In this article, we have explained our plans after our successful investment round of $20M. The RPA technology is here, the business processes are here, and so is the imagination. We want to prepare our partners to offer more to their business clients, and we will help you build a loyal customer base and increase your profit margins. And of course, the best way to achieve this is by partnering with us, and we will guide you on how to develop and flawlessly execute a high-level project plan.

To learn more about how a partnership with ElectroNeek will enhance your RPA capabilities, please book a demo or contact any of our sales representatives.

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