UiPath, a robotic process automation company that was founded in Romania, filed for an initial public offering showing revenue increased 81% year over year and revenue growth from $336.2 million to $607.6 million. The company revealed its plans for an initial public offering on the New York Stock Exchange on Friday and it was valued privately at $35 billion in early 2021 with a $750 million round.
UiPath was founded in 2005 but didn’t raise institutional capital until 2015, according to Crunchbase. CNBC reported in December that the company had annual revenue of about $360 million and over 6,300 customers including Amazon, Bank of America and Verizon. UiPath uses computer vision and artificial intelligence to automate routine and repetitive business processes, from extracting data from documents to filling in forms and lastly ranked No. 50 on last year’s CNBC Disruptor 50 list.
“Our platform is designed to eliminate the need for employees to execute low-value, manual tasks, freeing up time to focus on more meaningful, strategic work,” UiPath states in the S-1 filing. “Society is at a turning point in how organizations execute work, and we believe the ability to leverage software to enrich the employee experience will unlock tremendous value and efficiency opportunities.”
Co-founder, chairman, and chief executive officer of UiPath, Daniel Dines, also states in a letter included in its filing with the US. Securities and Exchange Commission, “From 10 people in an apartment in Romania in 2015, we grew in six years into a multinational business in nearly 30 countries, with $580 million in ARR.”
As the S-1 states: “[UiPath’s] operating cash flows were $(359.4) million and $29.2 million, and our free cash flows were $(380.4) million and $26.0 million in the fiscal years ended January 31, 2020, and 2021, respectively.” The IPO is being led by Morgan Stanley, JPMorgan Chase & Co., Bank of America Corp., Credit Suisse Group AG, Barclays Plc, and Wells Fargo & Co.
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March 29, 2021 at 08:40PM
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Robotic Process Automation Company UiPath Files To Go Public - Forbes
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