UiPath files for IPO weeks after landing $35bn valuation
UiPath, a Romania-founded fintech automating firm’s back-office processes, has filed for its initial public offering (IPO) with the Securities and Exchange Commission (SEC).
The start-up, which landed a $750 million Series F round just one month ago at a $35 billion valuation, will list on the New York Stock Exchange.
According to its filing, the company enjoyed an 81% jump in revenue for the fiscal year ending 31 January 2021. It went from $336.2 million to $607.6 million.
UiPath also landed cash-flow positive status by the end of January. As net losses falling from $519.9 million in January 2020 to $92.3 million in January 2021.
Co-founder and CEO, Daniel Dines, said in a letter attached to the filing: “From ten people in an apartment in Romania in 2015, we grew in six years into a multinational business in nearly 30 countries, with $580 million in ARR [annual recurring revenue].”
Earlier this month, the firm acquired Cloud Elements. The Colorado-based cloud application programme interface (API) integration platform widens UiPath’s automation capabilities.
With the pandemic came a reinvigorated push towards digital and automation. Which UiPath’s CEO Dines has pointed to as a reason for the start-up’s recent growth.
“COVID-19 has heightened the critical need of automation to address challenges and create value in days and weeks, not months and years,” he said in July.
Founded in 2005, the robotic process automation (RPA) firm didn’t begin raising institutional funding until 2015, according to Crunchbase.
“Our platform is designed to eliminate the need for employees to execute low-value, manual tasks, freeing up time to focus on more meaningful, strategic work,” it says in the filing.
The fintech, which estimates a $60 billion addressable market for RPA, has acquired some 8,000 customers. Big name users include Bank of America, Amazon, and Uber.
Whilst investors include Sequoia, Tiger Global, Coatue, IVP, and T. Rowe Price Associates-advised funds.
UiPath is yet to reveal the number of shares and price range for its proposed IPO offering.