Automation Anywhere Inc., a software company backed by SoftBank Group Corp.’s Vision Fund, is preparing for an initial public offering that could happen later this year, according to people familiar with the matter.

The company, based in San Jose, California, focuses on robot process automation, which helps companies save time and money by automating repetitive, manual tasks such as entering data into spreadsheets.

Automation Anywhere is working with investment banks to assist it with its listing, the people said, asking not to be identified because the matter is private. The company’s plans haven’t been finalized and the IPO might not take place until 2022, the people added.

Representatives for Automation Anywhere and SoftBank Investment Advisers, which oversees SoftBank Vision Fund, declined to comment.

SoftBank is one of Automation Anywhere’s major investors, with Vision Fund investing $300 million in 2018. The company was valued at $6.8 billion in 2019, according to data provider PitchBook.

Automation Anywhere has raised about $840 million in funding from investors such as General Atlantic, New Enterprise Associates, Salesforce Ventures and Goldman Sachs Group Inc., PitchBook data show.

The company competes with UiPath Inc., which raised $1.54 billion in an IPO in April. UiPath’s shares have increased 13% since then.

— By Crystal Tse, Gillian Tan and Katie Roof with assistance from Liana Baker