The tremendous growth story of UiPath is finally about to culminate in a long-awaited initial public offering. Less than two months ago, the founded in Bucharest robotic process automation (RPA) provider closed a $750M Series F round at a $35B valuation and now will hope for similar appreciation from the public markets as it filed for IPO earlier today. The event follows $580M in annual recurring revenue, 65% YoY growth, and nearly 8000 customers. That said, the company is still losing money – net losses stand at $92M, although this is a dramatic improvement over the $519.9M in 2020. Over 700 of UiPath’s 2863 employees are currently based in Romania.
As noted in UiPath’s S-1 filing, several industry trends have enabled the rapid rise of the organization’s automation solutions: from significant adoption of applications that drive digital transformation through reallocation of human capital towards cognitive, higher-value activities to the fact that enterprises are looking for ways to unify and run applications without significantly changing business processes and supporting infrastructure. Of course, it’s ultimately cheaper to free employees from repetitive and not very productive tasks. As per Bain & Company estimations, the size of the addressable market for automation software has grown to approximately $65B.
Earlier this week, UiPath also acquired Cloud Elements in order to expand API-Based automation capabilities. Back then, Daniel Dines, Co-Founder and CEO of UiPath, noted that by making automation easier and faster to deploy, the UiPath Platform optimizes some of the costliest and most time-consuming activities for modern enterprises.
[Expect a deeper analysis of UiPath’s prospectus as well as a feature article on the company’s impact on the Romanian startup ecosystem]