Robotic process automation startup UiPath reveals revenue surge prior to US IPO
Robotic process automation startup UiPath on Friday revealed its filing for an initial public offering (IPO) in New York, weeks after it secured new capital from investors at a valuation of $35 billion.
UiPath stated that it is planning to raise $1 billion in the IPO. The company, however, did not disclose the number of shares it intends to offer or the price range, showing that the figure is a placeholder amount.
In a regulatory filing, the New York-based company disclosed its total revenue surged 81% in the year ended Jan 31, 2021, to $607.6 million, while net losses declined significantly to $92.4 million from $519.9 million a year earlier.
UiPath, which joins hundreds of other companies that are trying to tap into the red-hot U.S. IPO market, had contemplated going public through a direct listing, but eventually opted for a traditional stock market flotation, people in direct knowledge with the matter said.
The company, established in 2005 in Romania by former Microsoft executive Daniel Dines and Marius Tirca, competes with the likes of Automation Anywhere and United Kingdom-based Blue Prism.
UiPath helps to automate repetitive and routine tasks in fields such as accounting and human resources, a key focus for global companies trying to simplify operations and lower costs during the pandemic.
In February, the company secured $750 million in a funding round that valued it at $35 billion, more than three times its valuation in an investment round last July.
Investors in the latest round included Alkeon Capital, Coatue, Altimeter Capital, Dragoneer, IVP, Sequoia, Tiger Global, and funds advised by T. Rowe Price Associates Inc.
UiPath will list its shares on the New York Stock Exchange under the symbol “PATH”.
Morgan Stanley and J.P.Morgan are the offering’s lead underwriters.
The company has an internship program that will give you the opportunity to work with some of the best people the tech industry has to offer and includes paths on Engineering, Product, and Sales. The company also has several job openings across different cities around the world. Applications for these jobs could be sent by visiting the careers section of the company’s website.