UiPath has submitted a draft registration statement on a confidential basis to the U.S. Securities and Exchange Commission (SEC) for a proposed public offering of its Class A common stock. The number of shares of Class A common stock to be sold and the price range for the proposed offering have not yet been determined.
UiPath intends to commence the public offering following completion of the SEC review process, subject to market and other conditions. UiPath is experiencing an extremely rapid growth, and has earlier been positioned by Gartner as a Leader in the 2020 “Magic Quadrant for Robotic Process Automation”.
According to Gartner, “The RPA market is rapidly growing as incumbent vendors jockey for market position and evolve their offerings.” The report goes on to say that “In the second year of this Magic Quadrant, the bar has been raised for market viability, relevance, growth, revenue and how vendors set the vision for their RPA offerings in a fluid market.”
Daniel Dines, UiPath co-founder and CEO, said at the time: “We are, and will continue to be, a driving force of momentum in the RPA industry. As one of the pioneers in this market, UiPath will continue to make bold moves in building a scalable, enterprise-ready platform that can grow with customers on their automation journeys. I couldn’t be prouder of our company and leadership positions we continue to attain in the market.”
And in July, when UiPath raised additional funding of $225 million, the valuation of the company was $10.2 billion. At over $400 million in ARR, UiPath is one of the fastest growing enterprise software companies worldwide. According to Forrester Research, “As we emerge from the crisis, firms will look to automation as a way to mitigate the risks that future crises pose to the supply and productivity of human workers.” With automation now becoming a boardroom imperative with new urgency, UiPath will use this funding to deepen its investment in research and development.
“This funding allows us to accelerate our platform ambitions to meet mounting customer demands and scale the tremendous opportunity to bring automation to one billion citizen developers – resulting in every business finally becoming a software business,” said Daniel Dines. “We will advance our market-leading platform and will continue to deepen our investments in AI-powered innovation and expanded cloud offerings. COVID-19 has heightened the critical need of automation to address challenges and create value in days and weeks, not months and years. We are committed to working harder to help our customers evolve, transform, and succeed fast in the new normal.”
“Automation, similar to cloud computing, has become a strategic imperative that is fundamentally changing the way organizations operate. UiPath’s leading-edge, mission critical product combines scalable software with an intuitive user interface enabling companies globally to accelerate their digital transformation efforts,” said Abhi Arun, General Partner at Alkeon. “UiPath is one of the fastest growing enterprise software companies in technology history and we’re excited to partner with them for years to come, as they deliver the most advanced and disruptive automation platforms of the modern enterprise.”