Romanian unicorn UiPath reports USD 360 mln in recurring revenues for 2019

UiPath, the leading enterprise Robotic Process Automation (RPA) software company founded by Romanian entrepreneurs Daniel Dines and Marius Tirca, announced on February 19 that it closed 2019 with USD 360 million in Annual Recurring Revenues (ARR).

Net new ARR in the fourth quarter exceeded USD 60 mln. New ARR stands for the value of the subscription contracts signed in the given period and likely to repeat in the future periods as long as the customers maintain or renew their contracts.

In July 2018, UiPath announced that it had crossed the USD 100 mln in ARR (in the first half of the year).

The company’s success is driven by a rapidly growing global customer base that has reached more than 6,000 organizations and a worldwide community of nearly 750,000 RPA developers, UiPath said in a press release.

Commenting on the financial performance, Dines added: “I am thrilled about the acceleration we witnessed in this past quarter. We are now adding over 10 new enterprise customers per day, we are also encouraged by the speed at which customers are scaling, evidenced by a three-fold increase in million-dollar-plus customer contracts in 2019. We are squarely focused on maintaining strong growth alongside smart, efficient operations so that we can invest confidently and deliver with quality to continue to earn our customers’ trust for the long-term.”

UiPath is the first Romanian-born unicorn. The company was evaluated at USD 7 billion following a USD 568 million Series D financing round in April 2019 and is preparing for a listing.

(Photo source: Facebook/UiPath)