Letter-012x-r

CEO Letter to Employees

Team Anywhere,

After observing the COVID-19 pandemic unfold throughout the world for nearly four months, we have made a difficult decision. We will reduce our workforce and realign our organization in order to better meet the business demands we see. The people who will leave Automation Anywhere are our friends and teammates. Together, we have functioned as one team with one goal. Though we realize this could not come at a worse time, it is clear that the COVID-19 pandemic will impact our business in more than one way. While we still expect to have double digit growth this year, it will be lower than the growth we experienced last year. Even more important is the realization that the world in which we are going to live post-COVID-19 will not be the world we once knew. The future will be about reinventing our world. Automation Anywhere’s mission is now more important than ever and we must refocus our company to help our customers and partners reinvent the post-COVID-19 world. In this communication, I want to share with you what we are seeing, our decision-making process, and why this has become necessary.

In the early days of this crisis, like other companies, we focused on taking care of everyone – our customers, partners, employees, contractors, vendors, suppliers, janitorial staff – everyone we could, as much as we could. To a large degree we continue to do this. We, along with our partners, have jointly offered COVID-specific solutions, free bots and licenses for non-profits as well as reskilling and training opportunities for all. Our focus has been and remains very simple; to do all we can for everyone in our community and to do our part in fighting this global pandemic.

So why is it now necessary to reduce our workforce and refocus the business?

There are two primary reasons:

  1. Our growth projections will likely be lower than we had planned pre-COVID-19.While we see meaningfully higher demand from our customers in healthcare, public sector, technology and other sectors, some industries are far more negatively affected. Being so closely aligned with our customers, we expect to expand along with customers who will do very well and grow less with those customers being more impacted. We therefore expect to grow in the high double digits, but our growth will be lower than our original plan. We believe that a faster growth rate will likely return in the midterm, but the exact timing is uncertain. To compensate for this, we have modified our operating plan which calls for a reduction in our workforce.
  2. Life after COVID-19 will not be the same. This crisis of course plays an important role in our decision making. As we see the consequences of the pandemic unfold, we know many aspects of what we’ve considered “normal”, will never be normal again. Activities like large live events will not be possible for the rest of the year and probably longer. We are seeing a widening focus on business services delivery in the cloud. We see a new magnification of business continuity challenges, often best addressed by cloud solutions. Customers will require more agile business operating models to respond to future crises faster or to prevent them from occurring at all. For these reasons, Automation Anywhere must change and adapt to help customers achieve these things. As part of this refocus, we are accelerating our cloud and hybrid-cloud options and offering new solutions with faster ROI by combining many of our products. This strategy was in place before COVID-19.

 The hard choice

Making this kind of decision is never easy. Far from it. Until now, Automation Anywhere has never had a workforce reduction. For a while we debated whether we might reorganize to better execute our cloud strategy at a slower pace. Yet the toll this virus has been inflicting, in both health and economic terms, demanded we move quickly. Our customers and partners made it clear they were accelerating their transition to the cloud. Never before have we witnessed this kind of urgency. Thus, our leadership team and I made the hard choice.

How are our values guiding us in taking care of the Team Anywhere members who are leaving us?

Whenever anyone leaves, we always hope to part as friends. In this situation we are acutely aware that the world is in turmoil and this action is particularly stressful. We will not lose sight of the fact that those departing are our friends and teammates. As a company we remain strong, financially sound, and are better positioned to withstand the challenges of this crisis than most technology companies. Our goal now is to help our teammates transition as comfortably as possible. We have approached this as compassionate advocates for them. We are providing both financial transition support and career advisory support to help our colleagues find their next professional chapter.  There is a great demand for the skills and knowledge accumulated at Automation Anywhere. Partners have already reached out to us for introductions to some of those who are leaving. We have set up an alumni LinkedIn page for continued help and support. We have ensured that they and their families will have access to continued healthcare benefits.

 To those Team Anywhere members who are leaving us, please know how deeply appreciative I am. We are all truly grateful for your contributions and we wish you well. To those who will continue on this journey, now is the time for each of us to rededicate ourselves to a mission that is more relevant and more urgent now than ever.

 With my sincere thanks,

Mihir

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