Automation firm UiPath sees soaring revenues ahead of its IPO

26 Mar 2021526 Views

Image: © Stuart Monk/Stock.adobe.com

The $35bn company’s revenues almost doubled over the last year ahead of plans to float on the New York Stock Exchange.

UiPath, the robotic process automation company, has reported a large spike in revenue over the last year as it prepares to make its stock market debut.

The Romanian-founded but US-headquartered company published its financial details today (26 March) ahead of its stock market float in the coming weeks.

It booked revenues of $607.6m for the 12-month period ending January 2021, almost double that of the year prior. Net losses were $92.4m, which is down greatly from $520m previously. Almost half of its revenue comes from the Americas, with the EMEA market accounting for 31pc of sales.

UiPath raised $750m in February in a Series F round, which valued it at $35bn. It is now aiming to raise $1bn from its initial public offering.

The company has opted for the traditional IPO route where it will issue new shares on the New York Stock Exchange rather a direct listing or a SPAC, which have both emerged of late as popular public market routes without the need to sell new shares.

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It did not disclose what price it will set for its shares or how many shares it will be selling.

UiPath, which was founded in 2005, develops robotic process automation, or RPA, technology and has become a leader in the field. Its platform is used by developers to build products and features for their businesses to automate various processes.

The company said last year that Covid-19 had brought increased demand for skills in the area of RPA.

It has raised nearly $2bn from investors over the years, including several big-name tech investors like Sequoia Capital, T Rowe Price and Tiger Global Management, all of which will be expecting hefty returns on UiPath’s IPO.

Earlier this week, UiPath announced that it was acquiring developer platform Cloud Elements, which was backed by American Express’s venture arm. It is UiPath’s third acquisition.

Jonathan Keane is a freelance business and technology journalist based in Dublin

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