Romanian-born software robot developer UiPath files for IPO on the New York Stock Exchange
UiPath, the biggest robotic process automation (RPA) company in the world, founded in Bucharest by two Romanian entrepreneurs, has filed the documentation for an initial public offering (IPO) on the New York Stock Exchange (NYSE). UiPath’s shares will trade on NYSE under the ticker PATH.
The IPO prospectus doesn’t mention the price at which UiPath plans to sell its shares or the targeted valuation, as these will be determined based on the investors’ interest. However, it provides new information about the company’s financial results.
In the financial year ended in January 2021, UiPath recorded annualized recurring revenues (ARR) of USD 580 mln, up by 65% compared to the previous year, and a net loss of USD 92 mln, down from USD 520 mln in the previous year.
The company has close to 8,000 customers (7,968), of which over 1,000 generate annual revenues of over USD 100,000. UiPath's clients include 80% of the Fortune 10 and 63% of the Fortune Global 500 companies. They span a variety of industries and include Adobe, Applied Materials, Chevron, Chipotle Mexican Grill, CrowdStrike, CVS Health, Deutsche Post DHL, EY, Generali, KDDI, SBA Communications, Takeda Pharmaceuticals, and Uber Technologies, among others.
In its latest funding round, carried out in February 2021, UiPath raised USD 750 million from investors at a valuation of USD 35 billion.
UiPath's founders are Romanian entrepreneurs Daniel Dines, who is also the company's CEO, and Marius Tirca, the group's CTO.
(Photo source: UiPath)