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Illustration: Aïda Amer/Axios

Automation Anywhere, a robotic process automation company valued at $6.8 billion last fall by venture capitalists, began laying off hundreds of employees on Monday, Axios has learned.

Why it matters: The coronavirus pandemic will push more enterprises toward automated software, but the shift isn't happening fast enough to stem top-line losses for Silicon Valley companies like AA.

What they're saying:

"Due to the Covid-19 pandemic and the changes it has brought to the global economy, Automation Anywhere is adjusting operations and restructuring parts of the company, which will result in a workforce reduction. Although we are confident in the company’s strength and ability to grow going forward, given the current circumstances, we must reduce expenses in some areas and realign our resources to new skill sets in key growth areas, such as cloud and digital, that offer higher value service to customers."
— Automation Anywhere spokesperson

Automation Anywhere declined to specify how many of its 2,600 employees are receiving pink slips, although Axios has heard the number is north of 10%.

Investors: The San Jose, California-based company has raised $840 million in venture capital funding from firms like SoftBank, Salesforce Ventures, Goldman Sachs, NEA, Workday Ventures, General Atlantic and World Innovation Lab.

Go deeper

Surprising pandemic side effect: Soaring trade deficits

Source: Census Bureau and Bureau of Economic Analysis; Chart: Axios Visuals

Inflation and jobs may get all the economic headlines, but meanwhile a big shift is taking place in the underpinnings of the world economy: The U.S. trade deficit is soaring.

What's happening: Americans' spending on imported physical goods has gone through the roof, while exports are growing slowly, making the U.S. the world's consumer of last resort.

Mike Allen, author of AM
54 mins ago - Politics & Policy

Third Way: "Big Lie" could become "Big Coup"

Graphic: Third Way

Third Way, the center-left think tank, is urging fellow Democrats to respond to the Capitol riot with "the size, scope, and seriousness of a presidential campaign," co-founder Matt Bennett tells me.

Driving the news: "For the first time in U.S. history, a party must mount two parallel presidential campaigns: one to win the election, and the other to prevent its theft," Bennett said, calling this "a Paul Revere moment."

Advocates say Biden has let Haitian migrants down

Photo illustration: Aïda Amer/Axios. Photos: Chip Somodevilla/Getty Images, Christian Torres/Anadolu Agency via Getty Images

Continued turmoil in Haiti is causing a growing number of Haitians to try to make it to American shores — and some advocates say the Biden administration isn't supporting this community in its time of crisis.

The big picture: Haitian-American activists in South Florida told Axios Today they feel like President Biden has gone back on campaign promises he made to the community to stand up for them.