UiPath

UiPath specializes in developing a platform for robotizing business processes.

UiPath is focused on availability and ease of management, providing an opportunity to attract customers in midsize and small businesses. The software is easier to configure because no programming knowledge is required. UiPath also combines RPA and Process mining, which is one of the key advantages.

Performance indicators

2021

Revenue growth by 81%, to $607.6 million, losses - $92.3 million

UiPath, at the end of fiscal year 2021, which ended on January 31, 2021, registered revenue of $607.6 million, which is 81% more than sales a year ago, equal to $336.2 million. The market leader of RPA systems remained unprofitable, but net losses decreased significantly - from $519.9 million to $92.3 million.

Most of UiPath's turnover in 2021 fell on sales of software licenses - $346 million against $201.6 million a year earlier. The company earned $232.5 million on support services, while in 2019 - $119.6 million. Services and other sources of income added about $29.1 million to the vendor's revenue in 2021, which is almost twice as much as in 2020.

UiPath's revenue in the Americas in 2021 reached $260 million, or 43% of the total. A year earlier, indicators were measured at $125.4 million and 37%, respectively. In EMEA, revenues rose from $113.9 million (34% of total revenue) to $187.1 million (31%), and in the Asia-Pacific region - from $96.9 million (29%) to $160.6 million (26%).

UiPath disclosed the financial performance in documents the company sent to the U.S. Securities and Exchange Commission (SEC) in connection with a planned offering of its shares on the New York Stock Exchange (NYSE). For the listing, UiPath chose the PATH ticker.

The materials for the SEC say that by March 2021, UiPath has about 8 thousand customers, including,,,,, and Amazon Bank of America Deutsche Post DHL Adobe. Applied Materials Chevron Uber

Of the 10 people who worked in an apartment in Romania in 2015, in six years we have become a multinational company operating in almost 30 countries and having a recurring annual revenue of $580 million, "said Daniel Dines, co-founder, chairman of the board and CEO of UiPath, whose words are quoted in the same documents.[1]

History

2024: Dismissal of 10% of employees

In mid-July 2024, software developer UiPath announced it would cut 10% of its workforce or about 420 jobs as part of the company's restructuring. Shares of UiPath are down 7% and more than 50% since early 2024 after the news.

Most of the layoffs will take place by the end of the first quarter of fiscal 2026, a spokesman said.

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NBC News

UiPath creates software that automates repetitive tasks. The company has faced a sharp slowdown in revenue growth following an initial public stock offering in 2021, which was one of the largest software offerings in the U.S. ever.

While UiPath reported better-than-expected revenue for the first quarter of fiscal 2024, the company lowered its full-year revenue guidance and said it now expects to receive $1.4 billion to $1.41 billion from its prior guidance of $1.55 billion to $1.56 billion. The current forecast will be about 7.5% of annual growth, up from 24% in 2023.

In May 2024, the company announced that CEO Rob Enslin was stepping down effective June 1 and would be succeeded by co-founder Daniel Dines, who stepped down as second CEO in January. The decision sent shares down 30%. Due to the layoffs, the company is expected to incur additional losses of $15 million to $20 million, and the total restructuring costs of the company will be $17 million to $25 million. The company previously announced two rounds of job cuts in 2022.

These changes reflect the optimization of the company's structure, especially in the field of operational and corporate functions. Thanks to restructuring, we will be able to better assess the priority of our investments and will be able to go deeper into artificial intelligence research and the introduction of innovative technologies on our platform, the company said in a statement.[2]

2022

5% staff reduction

In late June 2022, UiPath announced a 5% staff cut as part of a restructuring aimed at boosting profits. Most layoffs are expected to occur by the end of July 2022.

By the end of June 2022, the developer of RPA solutions has more than 45 offices in the USA, Europe and Asia, and the number of employees in the state exceeds 4.2 thousand people. UiPath expects that as part of this plan, the company will spend about $15 million to pay dismissal and compensation benefits to employees. A spokesman said the cuts at UiPath were not driven by market conditions.

RPA company UiPath reduced 5% of the state

{{quote 'In the context of the current prioritization of the business, UiPath is restructuring, which will primarily be aimed at improving the efficiency of our organization operating in the market, the representative said, noting that the company assumes that due to the reduction in staff, it will be able to simplify the approach to work in the market, as well as that this will lead to increased sales performance and better market segmentation. }} Шаблон:Quote 'It's about continuing sustainable profitable growth. We want to thank the departing members of our team - we appreciate their incredible talent and contributions to support UiPath and our mission, a company spokesperson added. The announcement shows that UiPath is increasingly focusing on profitability amid growing investor focus on technology stocks with limited margins and FCF, Cowen analysts say. The company stated its commitment to a long-term EBIT target of 20%, and the news reflects the first major changes since recent senior management appointments (new chief executive and business officer).^[3]

Robert Enslin is the second CEO of UiPath

On April 27, 2022 , RPA developer UiPath announced the appointment of corporate technology executive Robert Enslin as Second Chief Executive Officer (CEO). Read more here.

2021

Going public with the NYSE

On April 20, 2021, technology startup UiPath entered the New York Stock Exchange (NYSE). Shares of UiPath trade under the ticker symbol PATH, $1.3 billion was raised as part of the IPO.

Shares of UiPath sold at $56, above the $52-54 target range announced. The company's capitalization following the IPO is estimated at $29 billion. UiPath co-founder and CEO Daniel Dines owns 88% of the voting shares and is the company's largest shareholder with more than 110 million shares worth more than $7 billion.

If underwriters buy out their distributed shares, the startup will receive $1.34 billion, which will allow it to take third place in the list of software companies in terms of the amount of finance received after the IPO. UiPath will be second only to cloud database provider Snowflake, which raised $3.9 billion in September 2020, as well as Qualtrics, which raised $1.78 billion in January 2021.

RPA market leader UiPath goes public with NYSE

UiPath is entering the market at a time of rapid growth as businesses from healthcare to energy producers look for ways to automate operations in their financial, human resources and legal departments.

Since launching in 2005, the start-up has expanded its service delivery geography to the United States, with its headquarters in New York City. UiPath has 40 offices worldwide, including in Moscow. Approximately a quarter of the company's 2,863 full-time employees are in Bucharest (Romania).

Our platform is focused on changing the way people work. We provide our customers with a reliable set of tools to discover the capabilities of automation and creating, managing, launching, interacting, measuring and managing automation across all departments of the organization - UiPath. Our platform leverages artificial intelligence-based computer vision capabilities to enable our software robots to perform a wide range of activities as a human being by performing business processes.[4]

Buying Cloud Elements Business Application Integration Platform Developer

In late March 2021, UiPath announced the acquisition of a platform developer used by companies to integrate their business applications with each other, Cloud Elements. The financial details of the deal were not disclosed. Read more here.

Raising $750 million of investments, an estimate of $35 billion

In early February 2021, UiPath announced a $750 million investment in the Series F round, which RPA valued the world's largest solution manufacturers at $35 billion, more than three times the estimate six months ago. Previously, UiPath received a total of $1.2 billion from investors, including Accel Alphabet Inc. "s Kleiner Perkins CapitalG, и Meritech Capital Partners (данные PitchBook).

Alkeon Capital and Coatue invested the most in the company. Altimeter Capital Management, Dragoneer, IVP, Sequoia Capital, Tiger Global Management and funds advised by T. Rowe Price Associates also participated in the deal.

RPA UiPath raised 750 million and was valued at $35 billion

Shortly before the funding round, which took place in February 2021, UiPath filed a confidential application for an initial public offering of its shares on the stock exchange. According to Bloomberg, the company will hold an IPO in the first half of 2021, its market capitalization will exceed $20 billion.

Automation, as well as cloud computing, artificial intelligence, and containers are the four areas of IT investment where customer spending is growing the fastest. UiPath has become the basis of these trends, says Dave Vellante, senior analyst at Wikibon research agency, commenting on the news of the investment in UiPath.

According to the expert, Automation Anywhere, a rival to UiPath, will have to break out of software packages and embark on a path to broader automation. Automation Anywhere is also actively investing: in the last round by the beginning of February 2021, the company was valued at $6.8 billion.

Dave Vellante estimates the annual sales of RPA tools at tens of billions of dollars, and the entire market for automation tools at more than $100 billion.^[5]

2020: Raising $225 million in investments

On July 13, 2020, UiPath announced the closure of the Series E investment round, following which the RPA solutions market leader raised $225 million and was valued at more than $10 billion.

The lead investor in this transaction was Alkeon Capital Management. In addition, Accel, Coatue, Dragoneer, IVP, Madrona Venture Group, Sequoia Capital, Tencent, Tiger Global and Wellington took part in it. The total amount of funds raised in the history of UiPath exceeded $1.2 billion.

As TechCrunch notes, the interest of institutional investors like Wellington is often a signal for the startup's upcoming listing. Chief Financial Officer Ashim Gupta told the publication that in recent months, co-founder and CEO of the company Daniel Dines has discussed the idea of ​ ​ an IPO.

RPA market leader UiPath raised $225 million and was valued at $10 billion

We are assessing the market conditions, and I would not say that this is not certain, but we still have not chosen the day of going public. We want to be prepared for this at the moment when the market itself is ready. I wouldn't be surprised if that happens in the next 12 to 18 months, "he said.

One of the factors attracting UiPath investors is high revenue growth, which, according to Gupta, has become higher even in the context of the COVID-19 coronavirus pandemic, when the demand for automation tools has increased. The financial director says UiPath's recurring revenues over the past two years have increased from $100 million to $400 million.

Ashim Gupta says big investments are needed to operate and strengthen its position in the growing RPA market. In addition, the company needs financial resources in conditions of economic uncertainty. UiPath also does not exclude the possibility of acquiring other companies in order to improve its product portfolio, he added.^[6]

2019

Revenue growth by 315% in Russia and the CIS

In 2019, UiPath, a company in the field of developing RPA solutions that help automate business processes, increased revenue by 315% in Russia and the CIS, compared to 2018. The plans for 2020 include the promotion of the product line and educational initiatives. This became known on March 4, 2020.

{{quote 'author = noted Svetlana Anisimova, CEO of UiPath in Russia and the CIS' Since UiPath entered the Russian and CIS markets, 2019 has been the most successful year in terms of sales growth and operating profit. Moreover, in terms of this indicator, we have overtaken divisions in many other developed and developing countries. This was facilitated by the active development of digitalization programs and automation of business processes in large and medium-sized Russian private and state-owned companies, }}

In the total sales of UiPath in Russia and the CIS in 2019, more than 30% fell on banks insurance companies, 23% - heavy enterprises, industries 20% -, 15 retail% - telecommunication companies and 5% on power holdings.

Among the company's clients are more than 100 leading companies in Russia and the CIS. With RPA solutions, UiPath business processes automates leaders in its industries such as',, Magnitogorsk Iron and Steel Works VTB",", Greenatom",", "," "Norilsk Nickel Holding" and RostelecomSeverstalSIBUR. X5 Retail Group

According to UiPath experts, growth will continue in 2020. This will be facilitated by both the hyperautomatization trend and the launch of the Uipath product line. According to Svetlana Anisimova, their pilot implementation has already begun in a number of large companies.

The products produced allow: to accelerate tasks related to search, identification and documentation of business processes (UiPath Process Mining, UiPath Task Mining and UiPath Task Capture); Automate processes without programming or developer skills (UiPath StudioX) Significantly simplify interaction between humans and robots (UiPath Action Center) Analyze and measure the effectiveness of implementing RPA solutions (UiPath Insights) Use a gaming platform to crowdsource ideas internally to expand automation (UiPath Automation Hub) integrate AI-based solutions into automated processes (AI Fabric).

To ensure sustainable growth, UiPath will strengthen collaboration with representative offices of international consulting companies. This will help customers build strategies for automating business processes, taking into account the best world practices.

At the same time, a shortage of RPA implementation specialists remains a serious constraint on growth. Therefore, in 2020, UiPath will develop a global initiative in Russia to train such employees.

The shortage of personnel in the market is forcing companies to postpone projects to deeply implement RPA technologies. Executives are afraid that they simply will not be able to find people who can set everything up correctly, comments Svetlana Anisimova

As early as March 2020, a special PRA course is available for NUST 'MISiS' students. Until the end of 2020, UiPath plans to help universities, including regional ones, with the introduction of ready-made educational programs.

Holding a conference for $8 million and reducing 11% of the staff

On October 23, 2019, UiPath announced the layoff of 300 to 400 people, reducing the headcount of the largest manufacturer of robotic process automation (RPA) software by 11%.

The upcoming staff reduction in UiPath was first written by the New York Business Journal, citing a source familiar with the situation. According to the interlocutor, about 500 people will lose their jobs. Before the massive job cuts, there were about 2,500 of them in the company.

RPA market leader UiPath kicks 11% of employees out

Financial director Marie Myers, who has held this position since January 2019, fell under the personnel purge.

Speaking to Forbes, UiPath Marketing Director Bobby Patrick said that the layoffs were the result of a restructuring of some sales departments and a change of strategy by co-founder and CEO Daniel Dines and his leadership team to "find a balance between growth and efficiency" after active recruitment.

You need to look at it as two acts. The first act of the company was aimed at growth, growth, growth. You can't go to the next stage without thinking about efficiency, "he said.

Sequoia partner Carl Eschenbach noted that UiPath is a hyper-growing company that has rapidly grown its staff and now needs to rebuild its business.

The liquidation of work positions at UiPath became known a few days after the company held an expensive Forward conference, which it called "the largest meeting of RPA practitioners and experts in history."

The costs of this event amounted to $8 million, which is twice as much as planned and initially exceeds the costs of similar conferences held by competing companies, writes the New York Business Journal.^[7]

2018: Among the largest IT companies in Europe

Data for 2018

2015: Name change to UiPath

DeskOver changed its name to UiPath (registered in the United States) in 2015.

2005: Building a Company

The company was founded in 2005 in Bucharest, Romania, under the name DeskOver.