UiPath becomes largest IT company in Romania
UiPath, the IT unicorn founded by Daniel Dineș, became the largest IT company in Romania after registering a turnover of over RON 1.2 bln (EUR 246.5 mln) in 2020, according to official data from the Ministry of Finance.
UiPath's net turnover in 2020 was almost double (+89%) compared to the RON 644.9 mln reported in 2019.
The results make UiPath the largest IT company in Romania, surpassing the local subsidiaries of giants such as IBM, Oracle, Microsoft and Amazon, according to Economedia.ro.
The company's losses also dropped from RON 780.4 mln in 2019 to RON 194 mln the following year, its team increasing from 696 to 828 employees in the same period.
The entity reporting these results is Bucharest-based UiPath SRL, a subsidiary of UiPath Inc, the Robotic Process Automation (RPA) company listed on the New York Stock Exchange.
For comparison, UiPath Inc reported revenues of USD 607 mln in the financial year ended on January 31, 2021, and USD 892 mln in the 12 months ended on January 31, 2022. Meanwhile, UiPath SRL hasn't yet reported its results for the 2021 financial year.
UiPath became the first Romanian unicorn in 2018 after reaching a valuation of over USD 1 bln. It listed its shares on the New York Stock Exchange in May 2021, where its initial market capitalization reached USD 35 bln. In the meantime, the UiPath shares dropped significantly after the company's revenue growth rate slowed down.
UiPath currently has a market capitalization of USD 9.1 bln.
(Photo source: Facebook/UiPath)